If Drafted, Andreessen Horowitz Will Not Run Yahoo (But We’ll Buy It on the Cheap!)
Today, despite being deep in trying to strike a deal with private equity firm Silver Lake that will essentially give it a big say over the doings at Yahoo, Silicon Valley venture firm Andreessen Horowitz wanted to get a few things clear on titles.
In a positively Shermanesque blog post titled “A Clarification With Respect to Yahoo,” Marc Andreessen wrote that neither he nor partner Jeff Jordan would become an operating exec, including CEO, acting CEO, chairman or executive chairman at the troubled Internet giant.
Of course, if the VC firm wins the partial investment deal against other bidders, Andreessen will absolutely be a key player in the remaking of the company. Already, he and Jordan have met with numerous Yahoo execs as they have assessed the company.
The bid by Silver Lake and Andreessen Horowitz is about $16.50 a share for slightly less than 20 percent of the company. The group, which is competing with another bid by TPG Capital, has a lot of other plans around reviving Yahoo and dealing with its myriad of issues.
The reason for the pronouncement, sources said (and I am just boldly declaring myself) is because the firm is now in the middle of raising a mega-funding round of up to $1.5 billion and limited partners are worried about a lack of focus on its many other investments.
So Marc and Jeff are fully committed to moolah-making at the VC firm. Please pay no attention to the whole Yahoo mishegas over in that corner there!
Here’s the entire post (full disclosure — I got the Jordan part right, but surmised that Andreessen could become chairman if his group won the bid):
A Clarification With Respect to Yahoo
From Marc Andreessen, co-founder and general partner of Andreessen Horowitz:
Over the last several weeks, there have been erroneous reports in the press that my partner Jeff Jordan and/or I might become an operating executive of Yahoo in some capacity.
To be crystal clear, neither Jeff, nor I, nor any of our partners at Andreessen Horowitz, are in the running for, or would accept, any operating role at Yahoo, including CEO, acting CEO, chairman, or executive chairman.
Jeff and I have high regard for Yahoo, but we are fully committed to our day jobs as general partners at Andreessen Horowitz and board members of our portfolio companies.