Yahoo is shutting down its South Korean web portal and its Internet Advertising business Overture Korea, after 15 years of operation in the country. The decision, according to Yahoo, is “part of our efforts to streamline operations and focus our resources on building a stronger global business that’s set up for long-term growth and success.” In Asia, Yahoo had offloaded Koprol, Indonesia’s biggest startup-success, which it acquired way back in 2010, returning it to its founders in July 2012.
According to a message posted at their corporate blog,
Since 1997, our team in Korea has provided high-quality editorial content and services, and has built a successful search advertising network. We’re proud of the work they’ve done. But despite the hard work of the team, the Korean operation has faced growing challenges over the past few years that now make scaling our business very difficult.
Yahoo! is committed to Asia. We have a solid business in APAC and see a lot of opportunity for growth across our content properties, communications services and ecommerce sites. We’ll continue to focus on building great experiences for the millions of people across the region who come to Yahoo! every day.”
The South Korea office of Yahoo, with its 200 employees will be shut by the end of 2012.