News Summary: Yahoo to exit South Korea

Associated Press

GOODBYE: Yahoo Inc. will close its South Korean Web portal and an Internet advertising business, cutting its losses in a market where it has struggled for over a decade.

ABOUT THE BUSINESS: Since entering South Korea in 1997, Yahoo has operated a namesake portal in Korean and an Internet advertising company, Overture Korea. Yahoo's South Korean market share has become negligible in recent years as users flocked to Naver, Daum and other portals operated by South Korean Internet firms.

TIMETABLE: Yahoo's Seoul office with more than 200 employees will be shut by the end of this year.

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