Last minute geek

last minute tech news from around the net

Wednesday, Dec 01st

Last update11:09:05 AM

You are here: English BoingBoing ibag Verizon dumps another Oath property for peanuts: RIP, Mapquest

Verizon dumps another Oath property for peanuts: RIP, Mapquest

User Rating: / 0
Mapquest was once the leading map site in the world; they were bought by AOL as part of AOL's decades' long spree of buying successful companies and running them into the ground -- finally, they were sold, and merged with Yahoo's mangled acquisitions, to Verizon, to form a new, doomed division called "Oath" (because thinking about it made people swear). Verizon has now dumped Mapquest to an ad-tech company called System1 for such a small sum it was "not material enough for Verizon to file paperwork." This is part of a string of lowball Verizon selloffs of their Oath companies: WordPress parent-company Automattic bought Tumblr in August for "less than $3 million" (actual price undisclosed; Yahoo bought Tumblr for $1.1b in 2013); in April 2018, Smugmug rescued Flickr from Verizon hell. The whole ignominious tale is a perfect parable about market concentration and antitrust: AOL and Yahoo were allowed to make all these acquisitions because of Reagan-era reforms to antitrust enforcement, and it was a catastrophe for dozens of promising startups (though it certainly transferred a lot of money to Yahoo execs and shareholders). Then AOL and Yahoo sold those holdings to Verizon for $4.48b, and Verizon has since written down those assets by $4.45b (that is, more than 99%). They even lost Shingy. Mapquest claims a (dubious) 38m monthly users. The company blamed its precipitous fall on getting downranked by Google, whose competing Google Maps product claims 154.4m monthly users. Google insists it downranked Mapquest results because no one clicked on them. Read the rest

Read all
Comment Policy:
We pre-moderate any comments and welcome all kinds of thoughts, supportive, dissenting, critical or otherwise. We delete or censor comments that are:

* abusive
* off-topic
* contain personal attacks, or against any company or organization
* promote hate of any kind
* use excessively foul language
* is blatantly spam or advertising

We do not discriminate based on the person who is posting, and we never censor comments for political or ideological reasons. We never delete an appropriate comment because we disagree with its viewpoint or ideology, and we never publish an inappropriate comment because we agree with or support its viewpoint or ideology.

Attention spammers: we manually approve all comments. Spamming and blatant advertising will NOT be published on this site and is deleted immediately, you've been warned, do not waste your time here.

Add comment

Security code