New York – Following weeks of posturing, AOL (NYSE: AOL) appears to have
given up on its quest to merge with Yahoo (NASD: YHOO), Crain’s New York Business reported.
"AOL tried to either get enough backing to make a run at Yahoo, or get
Yahoo interested in buying it," an unnamed "industry insider with
knowledge of the situation" told the publication.
"Yahoo didn’t bite,
and AOL didn’t have its ducks lined up to be a buyer."
It was only a week
ago that reports surfaced about AOL’s plan to seek a buyer for its dial-up
Internet service, then combine its advertising and content businesses with
AOL has struggled to reinvent itself since splitting from former
parent Time Warner a year ago.
The company in recent months has put a strong
focus on building its local properties, including Patch, City’s Best, MapQuest
and Wow! Deal of the Day.