Yahoo! Inc. (NASDAQ:YHOO) CEO, Marissa Mayer, aggressive push for the company’s media business continues to gain momentum, after an article on re/code said that the company was contemplating on leasing another high profile office space. The new offices will be used to house company’s media and technology operations in Southern California according to people close to the matter.
A push for new offices is necessary for Yahoo! Inc. (NASDAQ:YHOO) to be successful in its advances of poaching top television talent, for the purpose of accelerating growth in the media sector, according to a top talent agent cited by re/code.
The company is reportedly looking for a more centralized location of up to 200,000 square feet and it also might consider renewing its existing location leases.
CEO Mayer is trying to attract youth to view the content of Yahoo’s site, as well as advertisers with a more catchy and attractive media platform on Yahoo’s site. Mayer’s efforts and drive for the media platform can be seen’ with the recent hires of Katie Couric, a prominent TV personality, as well as David Pogue, a New York Times technology columnist,
Yahoo! Inc. (NASDAQ:YHOO) entry into the media space was solidified last month after the company agreed to produce the sixth season of TV show, “Community.” The film had initially been canceled by NBC because of inconsistent ratings. Yahoo is hoping the film will attract more viewers to its site thus bolster its advertising platform in terms of audience. High-end television content features highly in Mrs. Mayer vision for the company.
One prominent Hollywood real estate property, which could be set to house Yahoo! Inc. (NASDAQ:YHOO)’s media unit, according to re/code, is the 959 Seward Office complex that is currently being constructed. The building is set to be completed’ in 2016. It looks like a probable property that Yahoo would go for, as it is relatively close to other studios, such as Paramount and Hollywood center.
An effective media platform would work well for Yahoo! Inc. (NASDAQ:YHOO) as it will allow it to expand into the digital advertising space as competition continues to heat up.
Citadel Investment Group, managed by Ken Griffin, holds 8.13 million shares of Yahoo! Inc. (NASDAQ:YHOO). The hedge fund had upped its stake by 40% in the second quarter.