Yahoo Corp, the Mountain View Internet services company best known for its Internet directory, sold stakes totalling 12% in itself in its latest fund-raising exercise, which saw Reuters Holdings Plc taking nearly 21% of the shares on offer (CI No 2,803). Reuters and Yahoo are not talking money, but Softbank Corp revealed that it paid $2m for a 5% stake in the round, so it looks as if Reuters paid $1m and that the total raised was $4.8m. Sequoia Capital, Canadian company Open Text Corp, and the Capital Corp put up the rest of the cash. Reuters extended its news supply commitment to Yahoo through to the end of 1999.Yahoo claims its World Wide Web site is visited by some 600,000 users per day and is among the most popular sites on the Web.
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