Yandex is Exploring Strategic Options for News Aggregation Service and Zen
Yandex N.V. is currently exploring strategic options, including potential divestment, for its news aggregation service and infotainment platform, Zen. The company aims to refocus on its core technology businesses, such as search, advertising, self-driving, and cloud services, as well as transactional services like ride-hailing and e-commerce. Yandex recognizes the market uncertainties and competitive pressures affecting its operations and has stated that these strategic evaluations are in the early stages, with no guarantees of a successful transaction.
- Yandex is refocusing on its core technology businesses, which may enhance operational efficiency.
- Exploring divestment of Zen may allow Yandex to concentrate on higher growth areas like self-driving and cloud services.
- The divestment process for Zen is at an early stage, posing uncertainty in identifying a buyer.
- Potential geopolitical and macroeconomic risks may negatively affect Yandex’s business operations.
MOSCOW, RUSSIA and AMSTERDAM, NETHERLANDS / ACCESSWIRE / March 18, 2022 / Yandex N.V., a Netherlands-registered company and one of Europe's largest internet businesses as well as the leading search and ride-hailing provider in Russia, today confirmed that the company is exploring different strategic options, including divestment, for its news aggregation service and infotainment platform Zen. The company intends to focus on developing its other technology-related businesses and products (including search, advertising, self-driving and cloud) and transactional services (including ride-hailing, e-commerce, video/audio and streaming), among others.
About Yandex
Yandex (NASDAQ and MOEX:YNDX) is a technology company registered in the Netherlands that builds intelligent products and services powered by machine learning. Our goal is to help consumers and businesses better navigate the online and offline world. Since 1997, we have delivered world-class, locally relevant search and information services, navigation products, while also expanding into e-commerce, online entertainment, cloud computing and other markets to assist millions of consumers in Russia and a number of international markets. More information on Yandex can be found at https://yandex.com/company/.
Forward Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding our potential divestment of our news aggregation service and our infotainment platform Zen, are forward-looking statements. This process is at an early stage and the Company can provide no assurance that it will be successful in identifying a buyer, negotiating acceptable terms or closing a transaction. The potential risks and uncertainties that could cause actual results to differ from the results predicted or implied by such statements include, among others, macroeconomic and geopolitical developments affecting the Russian economy or our business, changes in the political, legal and/or regulatory environment, the impact of the ongoing COVID-19 pandemic and regulatory and business responses to that crisis, competitive pressures, changes in advertising patterns, changes in user preferences, and technological developments, as well as those risks and uncertainties included under the captions "Risk Factors" and "Operating and Financial Review and Prospects" in our Annual Report on Form 20-F for the year ended December 31, 2020 and "Risk Factors" in the Shareholder Circular filed as Exhibit 99.2 to our Current Report on Form 6-K, which were filed with the U.S. Securities and Exchange Commission (SEC) on April 1, 2021 and November 18, 2019, respectively, and are available on our investor relations website at https://ir.yandex/sec-filings and on the SEC website at https://www.sec.gov/. All information in this release and in the attachments is as of March 18, 2022, and Yandex undertakes no duty to update this information unless required by law.
Contacts:
Investor Relations
Yulia Gerasimova
Phone: +7 495 974-35-38
E-mail: askIR@yandex-team.ru
Press Office
Ilya Grabovskiy
Phone: +7 495 739-70-00
E-mail: pr@yandex-team.ru
SOURCE: Yandex N.V.
View source version on accesswire.com:
https://www.accesswire.com/693742/Yandex-is-Exploring-Strategic-Options-for-News-Aggregation-Service-and-Zen
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