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Yahoo to spin off its Alibaba stake
Yahoo to spin off its Alibaba stake

CUPERTINO, Calif. — Yahoo Inc. made investors happy by announcing a spinoff of its nearly $40-billion stake in Alibaba Group Holding, but the move won't add money to Yahoo's coffers — or mask the company's continued problems with its core business. For months, Yahoo had been under mounting shareholder pressure to do something with its massive 15.4% holding in the Chinese Internet giant. It gave in on Tuesday, saying its entire Alibaba investment would be placed in a separate, publicly traded company called SpinCo. All of Yahoo's 384 million Alibaba shares will be transferred tax-free to the new company, saving the beleaguered Sunnyvale, Calif., billions in...