Telecom sells stake in Yahoo!Xtra

Yahoo!7 to assume full ownership

Telecom has sold its 49 percent share of Yahoo!Xtra to Yahoo!7, leaving Yahoo!7 as the 100 percent owner.

In a statement announcing the ownership change, Telecom notes: "The current commercial partnership for Yahoo!7 to support Telecom’s broadband customer base will continue."

The Yahoo!Xtra business will be rebranded as Yahoo! New Zealand and Yahoo!Xtra staff to be employed by Yahoo New Zealand.

Yahoo! New Zealand will continue to deliver Telecom customers the same services as today such as Yahoo! Mail, Flickr and My Yahoo!, the statement notes.

This sale is not material for Telecom NZ and does not result in any change to guidance, it says.