YWFT bought by Yahoo
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- mg33
Wow, look what showed up in my blog reader today:
FOR IMMEDIATE RELEASE
YOUWORKFORTHEM,LLC PURCHASED BY YAHOO, INC
Combination Will Create New Opportunities for Designers and Artists
Release Date: April 1st, 2008Internationally renowned design group and store, YouWorkForThem (YWFT) is pleased to announce its recent sell to the worlds premier leader in search technology, Yahoo!, Inc (NASDAQ:YHOO) for $63 million in a stock-for-stock transaction. Following the acquisition, YouWorkForThem will operate independently to preserve its successful brand and premier design products.
The acquisition combines one of the largest and fastest growing design innovation companies with Yahoo’s expertise in organizing information and search tools on the Internet. The combined companies will focus on providing a better, more comprehensive experience for users interested in uploading, watching and sharing design products, and will offer new opportunities for professional content owners to distribute their work to reach a vast new audience.
“The YouWorkForThem team has built an exciting and powerful design platform that complements Yahoo’s mission to organize the world’s information and make it universally accessible and useful,” said Erik Spekilttle, Chief Prime Officer of Yahoo. “Our companies share similar values; we both always put our users first and are committed to innovating to improve their design lifestyle. Together, we are natural partners to offer a compelling design service to users, content owners and creative directors.”
“Damn, this is going to rock!” said Michael Young, CFO and Co-Founder of YouWorkForThem. “I’m confident that with this partnership we’ll have the flexibility and endless programmers needed to pursue our goal of building the next-generation design platform for serving designers worldwide.”
When the acquisition is complete, YouWorkForThem will retain its distinct brand identity, strengthening and complementing Yahoo’s own business. YouWorkForThem will continue to be based in Minneapolis & Bangkok and all YouWorkForThem employees will remain with the company. With Yahoo’s technology, YouWorkForThem will continue to build on its success as one of the world’s most popular services for design information and products.
The number of Yahoo shares to be issued in the transaction will be determined based on the 30-day average closing price two trading days prior to the completion of the acquisition. Both companies have approved the transaction, which is subject to customary closing conditions and is expected to close in the third quarter of 2008.
Webcast and Conference Call Information
The company will host a conference call and webcast at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on April 2 to discuss the acquisition. To access the conference call, please check back on April 2 for posted telephone numbers.About YouWorkForThem, LLC
YouWorkForThem is an award-winning group of artists that produce some of the most groundbreaking design work available today. Their website, www.youworkforthem.com, not only showcases products such as typeface, stock design, art prints, and t-shirts produced exclusively by the group themselves, but also offers an impressive selection of books, magazines, videos and more featuring the best in contemporary design from around the world.About Yahoo Inc.
Yahoo! Inc. is a leading provider of comprehensive online products and services to consumers and businesses worldwide. Yahoo! is the No. 1 Internet brand globally and the most trafficked Internet destination worldwide. Headquartered in Sunnyvale, Calif., Yahoo!’s global network includes 25 world properties and is available in 13 languages.
- horton0
you know april fools ended at noon... ?
- ninjasavant0
I call shenanigans.
- ********0
The dead giveaway is the 63 million, no way YWFT is worth that much.
- brains0
Yes, this one is weaker than kenny g.
- mg330
Haha, it was on google read subscription to the YWFT blog today, but it's already been removed from their actual blog.
I love Google Reader.