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
It's no secret that this year has been a volatile one for the markets. The S&P 500 is down 18% year to date, while the Nasdaq Composite is off by 27% year to date. Meanwhile, the VIX, a key measure of volatility, is up 49% year to date at 24.72. However, it has spiked as Read More
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