Disney Considers Yahoo Purchase
At a Tuesday meeting with Wall Street analysts, chairman Michael Eisner said the company would be willing to buy Yahoo if the price was right, The Associated Press reported.
"Yahoo is a great company. The problem is, it's just overvalued," Eisner said.
Go.com cost Disney $150 million to develop and operate, according to Eisner, who described pulling the plug on the service as "one of the most difficult decisions" he has had to make.
Disney's Internet Group revenues fell 5 percent to $253 million during the quarter that ended Dec. 31. Operating loss decreased 12 percent to $73 million, driven by the elimination of operating costs at Toysmart.com, according to the company.
Meanwhile, overall Disney revenue rose 7 percent to $1.3 billion. Net income jumped 27 percent, thanks to Disney's parks and resorts operations.