Yahoo Inc. on Thursday has declared that it would shut down its GeoCities free Web-hosting service. The company's second-biggest acquisition behind Broadcast.com Inc., which lets users design personal websites to show off photos, promote local clubs or publicize business services. The $3 billion acquisition in 1999 is finally getting closed after running it for the last 10 years. We have already noticed that Geocities is no longer accepting new accounts for the last few months.
Chief Executive Carol Bartz is trimming costs as Yahoo copes with a slowing online-advertising market. The company said this week it will cut about 700 jobs, or 5% of the total, after eliminating about 1,600 in the fourth quarter.
Yahoo pointed GeoCities users to its paid Web-hosting service. The company will give users more details on saving GeoCities' data later this year.
U.S. visitors to GeoCities dropped 25% to 12 million in March from the year-ago period, according to research firm ComScore Inc. in Reston, Va.
Other services Yahoo has closed include travel-search site FareChase and online storage service Briefcase.