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Yahoo eyes social networking acquisitions
May 20, 2009 / 7:47 PM / 8 years ago

Yahoo eyes social networking acquisitions

(For other news from the Reuters Global Technology Summit, click here)

NEW YORK, May 20 (Reuters) - Yahoo Inc YHOO.O is looking to buy companies that will allow it to become a bigger player in social networking and revamp its family of products, Chief Technology Officer Ari Balogh said on Wednesday.

Yahoo has had conversations with companies about partnerships and “more interesting” possibilities, said Balogh, who is executive vice president of products at Yahoo.

“I can guarantee you there will be some acquisitions, and we will do some stuff in house,” said Balogh, speaking by videolink to the Reuters Global Technology Summit in New York.

Yahoo will introduce new products this fall that will make its network of websites easier to use and showcase the company’s strategy to grow again, he said.

The company is striving to revive its fortunes as sales decline because of the recession and competition from other Internet heavyweights, including Google Inc (GOOG.O).

In January, Carol Bartz took the reins as Yahoo CEO, succeeding co-founder Jerry Yang.

(For summit blog: blogs.reuters.com/summits/)

(For more on Reuters Global Technology Summit, see [nLI040240]

(Reporting by Alexei Oreskovic, editing by Tiffany Wu and John Wallace) For Reuters MediaFile blog see blogs.reuters.com/mediafile/ Keywords: TECH SUMMIT/YAHOO

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