Telecom sells Yahoo!Xtra stake to partner

Telecom Corp of New Zealand has sold its 49% stake in Yahoo!Xtra, New Zealand's largest web portal, to Yahoo!7, and the business is being renamed Yahoo! New Zealand.

Yahoo!7 is a partnership between the Australian media company Seven Network and Yahoo! Inc. It previously owned 51% of Yahoo!Xtra.

The price of buying out Telecom was not disclosed. Yahoo! New Zealand will continue to deliver services to Telecom's customers.

NZPA

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