Mapquest was as soon as the main map web site on this planet; they had been purchased by AOL as a part of AOL’s a long time’ lengthy spree of shopping for profitable corporations and working them into the bottom — lastly, they had been bought, and merged with Yahoo’s mangled acquisitions, to Verizon, to type a brand new, doomed division referred to as “Oath” (as a result of excited about it made folks swear).
Verizon has now dumped Mapquest to an ad-tech firm referred to as System1 for such a small sum it was “not materials sufficient for Verizon to file paperwork.”
That is a part of a string of lowball Verizon selloffs of their Oath corporations: WordPress parent-company Automattic purchased Tumblr in August for “lower than $three million” (precise worth undisclosed; Yahoo purchased Tumblr for $1.1b in 2013); in April 2018, Smugmug rescued Flickr from Verizon hell.
The entire ignominious story is an ideal parable about market focus and antitrust: AOL and Yahoo had been allowed to make all these acquisitions due to Reagan-era reforms to antitrust enforcement, and it was a disaster for dozens of promising startups (although it definitely transferred some huge cash to Yahoo execs and shareholders). Then AOL and Yahoo bought these holdings to Verizon for $Four.48b, and Verizon has since written down these property by $Four.45b (that’s, greater than 99%). They even misplaced Shingy.
Mapquest claims a (doubtful) 38m month-to-month customers. The corporate blamed its precipitous fall on getting downranked by Google, whose competing Google Maps product claims 154.4m month-to-month customers. Google insists it downranked Mapquest outcomes as a result of nobody clicked on them.
It is clear that Google’s try and nook the entire on-line vertical was unhealthy for its rivals, nevertheless it’s additionally apparent that AOL and Yahoo had been the poster-child for diseconomies of scale, a spot the place good corporations went to die, helmed by inverse King Midases who turned every little thing they touched to shit.
A eulogy for Mapquest [Greg Sterling/Search Engine Land]
(through Past the Past)
Elizabeth Warren proposes a Four-year ban on authorities officers going to work for “market dominant” corporations
Should you go away a senior US authorities place, Elizabeth Warren desires you to attend a minimum of 4 years earlier than taking a job at a “market dominant” firm — any firm with a $150b (or bigger) market cap, or that controls “the product or labor provide of their business.”
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AT&T hikes enterprise clients’ payments by as much as 7%, charging them to recoup its personal property taxes
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