Friday 15th April, 2011
Telecom and Yahoo!7 confirm change of partnership
As part of their continued relationship, Telecom NZ and Yahoo!7 have today announced changes to the ownership of
Yahoo!Xtra.
As part of the changes Telecom has sold its shares in Yahoo!Xtra to Yahoo!7. Yahoo!7 therefore owns 100 percent of
Yahoo!Xtra. Prior to this agreement Telecom New Zealand owned 49 percent and Yahoo!7 owned 51 percent. The current
commercial partnership for Yahoo!7 to support Telecom’s broadband customer base will continue.
The Yahoo!Xtra business will rebrand to Yahoo! New Zealand with all Yahoo!Xtra staff remaining employed by Yahoo! New
Zealand.
Alan Gourdie, Telecom Retail CEO, said in the coming months customers will notice changes to the branding on the site,
however Yahoo!7 and Telecom remain firm partners. Yahoo! New Zealand will continue to deliver Telecom customers the same
services as today such as Yahoo! Mail, Flickr and My Yahoo!
“The Yahoo!Xtra business has been extremely successful over the past few years. The internet is a fast moving industry
and it makes sense for both businesses to evolve the ongoing relationship,” says Mr Gourdie.
According to Greg Brown, Chief Financial Officer, Yahoo!7: “Yahoo!Xtra is already New Zealand’s favourite homepage and
is a profitable company. Telecom customers and all New Zealanders will be able to continue to access the great local and
international content along with the Yahoo! services that they have come to love.”
This sale is not material for Telecom NZ and does not result in any change to guidance.
ENDS