Russian internet giant Yandex on Friday said it was exploring options, including divestment, for its news aggregation service and its Yandex.Zen content feed and blogging platform.
Nasdaq-listed Yandex, which is facing potential issues in redeeming convertible bonds over a trading suspension of its shares, said the company wanted to focus on developing its other businesses and products.
Zen, with over 20 million users, is an Artificial Intelligence-powered content feed that automatically provides users with video feed based on data, including browsing history, location, and other factors.
Yandex, a multinational corporation founded in 1997 by Russian billionaire Arkady Volozh, primarily develops internet services for Russian and Russian-language users, including search and information services, e-commerce, navigation, mobile applications, and online advertising, in a model similar to Big Tech giant Google. Much like its western rival, Yandex has had run-ins with Russia’s regulator over possible anticompetitive practices involving the company’s use of data.
Yandex has also forayed into the transportation and cab-hailing game, launching Yandex Taxi in a joint venture with Uber in 2019. Uber which had already considered selling its stake in Yandex Taxi, would be speeding up the sale, the company announced, following Russia’s invasion of Ukraine.
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