Nov. 30 (Bloomberg) -- Microsoft Corp. is backing a new management team to take control of Yahoo Inc.’s search business following its failed takeover attempt, the Sunday Times of London reported.
Microsoft will put up $5 billion to back Jonathan Miller, the former chief executive officer of AOL and Ross Levinsohn, a former president of Fox Interactive Media, the newspaper reported, without saying where it got the information.
The duo would seek to raise an additional $5 billion from institutional investors to buy a stake of over 30 percent in Yahoo, the Sunday Times said. The terms would give Microsoft a 10-year operating agreement to manage Yahoo’s search business, plus a two-year option to buy it for $20 billion.
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