Andre Yoskowitz
7 Sep 2011 16:28
Following the high-profile firing of Yahoo! CEO Carol Bartz, Business Insider CEO Henry Blodget has posted that he wants to be made new Chief of the struggling company, as long as they buy out BI.
Reads the post from Blodget:
We have been huge Yahoo! fans since the mid-1990s, when we fell in love with the company. We've been devastated by what has happened to Yahoo! in the past decade, and we would love to help put the company back on the right track.
The good news is we know exactly what needs to be done to fix Yahoo! and unlock huge value for Yahoo! shareholders (including ourselves—we have unfortunately owned the stock forever). And we know how to do it.
We will outline this plan in detail when the time comes.
But, for now, here's our offer...
Given all the private-equity firms circling around Yahoo, we expect we would have little difficulty raising the $20 billion or so we would need to buy Yahoo outright. But we're busy, and that would take time and be messy. It would also involve paying several hundred million dollars to investment bankers and other "strategic advisors." And there's no reason for Yahoo to waste that kind of money.
So our offer is far simpler.
We offer to allow Yahoo to buy Business Insider, Inc., for $150 million. And we offer to allow Yahoo to then appoint us acting CEO of the company.
Once we have been appointed acting CEO of Yahoo, we will implement our plan.