Mayer's strategy, although not laid out in full, is reportedly to "leverage the company's strong franchises," and improve its focus on search. Wieser noted the change in strategies from Levinsohn to Mayer, as Mayer focuses more on growth initiatives, and "improve its core product offerings rather than to generate cash or profits as a first priority."
If the cash is not returned to shareholders and acquisitions are indeed a part of the plan, there are several names which have been mentioned before as potential takeover targets.
Hulu, The Weather Channel, and TripAdvisor (TRIP - Get Report) were names that were floated as part of the cash-rich split deal between Alibaba and Yahoo! that ultimately went nowhere. Ironfire Capital founder and president Eric Jackson suggested others as well.
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