Yahoo has dropped its bid for Dailymotion due to objections by the French government, according to reports.
Yahoo had been in talks to buy a 75 per cent stake in Dailymotion, owned by France-Telecom Orange, in a deal that would have valued the video website at $300 million. But French government officials raised concerns that the country would lose control over one of its biggest Internet industry successes in such a deal. French government officials and France Telecom executives sought to arrange a deal in which Yahoo would take a 50 per cent stake instead, but Yahoo declined reports, according to the WSJ.
Dailymotion is among the most popular online destinations for video, although it lags far behind Google’s YouTube, the world’s dominant video website.
Meanwhile Yahoo Is under fire as it is revealed CEO Marissa Mayer was awarded total pay of $36.6 million for her first six months as chief executive of Yahoo, even as the Internet company’s board made efforts to quell shareholder anger about excessive pay.