Yahoo 1998 Annual Report Download - page 58

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SUBSEQUENT EVENT
GeoCities. On January 28, 1999, the Company announced the signing of a definitive
agreement to acquire GeoCities, a publicly traded Internet company. Under the
terms of the acquisition, which will be accounted for as a pooling of interests,
the Company will exchange approximately 21,254,000 shares of Yahoo! Common
Stock for approximately 31,403,000 shares of GeoCities common stock.
Additionally, the Company will convert approximately 8,894,000 GeoCities
stock options into approximately 6,019,000 Yahoo! stock options. The acquisition
is expected to be completed in the second quarter of 1999 and is subject to
certain conditions, regulatory approval, and approval by GeoCities stockholders.
The Company expects to record a one-time charge in the second quarter of 1999
relating to expenses incurred with this transaction.
GeoCities’ operating results for the years ended December 31, 1998, 1997, and
1996 included revenues of approximately $18.4 million, $4.6 million, and $0.3
million, respectively, and net losses of approximately $19.8 million, $8.9 million,
and $3.0 million, respectively.
note 10
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