Yahoo! Inc (YHOO): Canyon Capital Letter To Board of Directors

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Yahoo! Inc (YHOO): Canyon Capital Letter To Board of Directors
MIH83 / Pixabay

December 11, 2015
The Board of Directors
Yahoo! Inc.
701 First Avenue
Sunnyvale, California 94089

Attention: Maynard J. Webb, Chairman

cc: Marissa A. Mayer, President and Chief Executive Officer

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Kenneth A. Goldman, Chief Financial Officer

Ladies and Gentlemen:

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Canyon Capital Advisors LLC is an investment management firm that serves as investment adviser to funds and accounts having, on an aggregate basis, economic ownership of approximately 10 million shares in Yahoo! Inc. (the “Company”), representing approximately 1.1% of shares outstanding.

On December 3, 2015, we submitted a letter to the Company’s Board of Directors as they met to discuss whether to complete the spin-off of the Company’s holdings in Alibaba Holding Group Ltd. (“Alibaba”), or to change course and pursue a sale of the Company’s “core” business. Our primary reason for submitting our prior letter was our concern that the Board would fail to emerge from these meetings with a clear path forward for the Company. In particular, we expressed our strong view that time was of t