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Yahoo Opens L.A. Offices in Bid to Court Entertainment Industry

Authored by Mark Hefflinger on January 26, 2005 - 6:40am.
Sunnyvale, Calif. -- In a bid to strengthen its ties to the entertainment business, web portal Yahoo will lease new facilities in Los Angeles to house a newly formed Yahoo Media Group to be headed by former ABC TV chairman Lloyd Braun. Yahoo Media Group will oversee the company's news, sports, video games, movies and music services. The Los Angeles Times called the estimated $100 million lease of offices in Santa Monica one of the largest commercial real estate deals in Los Angeles County in the last year. Yahoo will maintain its Sunnyvale, Calif. headquarters, but will aggressively hire in the Los Angeles area and relocate employees from its New York and Sunnyvale operations to staff the new facilities. Following the appointment of former Warner Bros. head Terry Semel as CEO in 2001, the company has sought to bolster the quality of its entertainment and news offerings. It has since acquired online ad purveyor Overture Services and online music services Launch and Musicmatch, and hired Wall Street Journal Online founder Neil Budde to head its online news division.
tags: Yahoo | Bid | L.A. Offices | Court Entertainment Industry |