Yahoo to Buy GeoCities

Yahoo to Buy GeoCities

Yahoo is buying GeoCities in a US$4.7 billion stock deal expected to be finalized in the second quarter of this year.

Yahoo will issue 0.3384 shares of its common stock for each share of GeoCities common stock and all outstanding GeoCities options will be converted into Yahoo options, the companies said.

Yahoo expects to take a one-time charge related to acquisition expenses in the second quarter of this year.

GeoCities creates and hosts more than 3.5 million [M] World Wide Web sites, the statement said. The merged company expects to reach more than 58 percent of those who use the Internet at home and work, making it the second largest Web network.

The agreement must pass federal regulatory scrutiny before being completed.

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