By Caroline Binham
Nov. 30 (Bloomberg) -- Microsoft Corp. is backing a new management team to take control of Yahoo Inc.’s search business following its failed takeover attempt, the Sunday Times of London reported.
Microsoft will put up $5 billion to back Jonathan Miller, the former chief executive officer of AOL and Ross Levinsohn, a former president of Fox Interactive Media, the newspaper reported, without saying where it got the information.
The duo would seek to raise an additional $5 billion from institutional investors to buy a stake of over 30 percent in Yahoo, the Sunday Times said. The terms would give Microsoft a 10-year operating agreement to manage Yahoo’s search business, plus a two-year option to buy it for $20 billion.
Senior directors of the two companies have agreed the outline of the deal, the newspaper said without citing anyone.
A call to Microsoft’s press office in Portland, Oregon, by Bloomberg News outside office hours wasn’t immediately returned. An e-mail and phone call outside office hours to Emily Fox, a Sunnyvale, California-based spokeswoman for Yahoo, wasn’t immediately returned.
To contact the reporter on this story: Caroline Binham in London at cbinham@bloomberg.net
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