Friday 15th April 2011
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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.
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