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Font ResizeMercury News wire services Posted: 12/16/2010 02:26:14 PM PSTUpdated: 12/16/2010 02:26:16 PM PSTYahooShutting productsYahoo, owner of the largest U.S. Web portal, plans to shut down some products, including Yahoo Buzz, as the company sheds employees amid a turnaround effort. The products will be shut down in the coming months, Yahoo said Thursday in an e-mailed statement. This week, the company said it is eliminating about 600 jobs, or about 4 percent of its work force, with most of them in the product group. CEO Carol Bartz, who joined Yahoo in January 2009, is grappling with rising competition from rivals such as Facebook and Google, which are attracting users and advertisers. Last year, Bartz closed underperforming websites, including Web-hosting unit GeoCities and an online storage site called Briefcase. -- Bloomberg NewsGrouponLooking for fundsGroupon, owner of a daily coupon website with 40 million subscribers, is seeking funds after rejecting a takeover offer from Google, three people familiar with the matter said. The company aims to raise several hundred-million dollars, one of the people said. The increased financing would value Groupon at less than $6 billion, the amount Google offered in November, said two of the people, who asked not to be identified because the talks are private. Groupon, one of the world's fastest-growing companies, may use the money to hire sales staff and retain its lead over coupon-site rivals. Founded in 2008, Groupon is on pace to generate more than $500 million in sales this year, according to the people. -- Bloomberg NewsMySpaceExtends Google dealMySpace has extended its search and advertising deal with Mountain View online search leader Google for several years, though it's doubtful that it's worth as much as the original agreement the two signed in 2007. MySpace said Thursday that Google will continue to power News Corp.-owned MySpace's search and advertising and will provide additional display advertising services. The previous ad-sharing deal between the companies expired in August and was extended for a month while they continued talks. MySpace is not giving financial terms of the deal. The previous deal was worth $900 million and spanned three years. -- Associated Press
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