Internet giant Yahoo has made its first investment outside the US, with a $6.25 million cash injection into local online employment site Seek Communications.
Seek, which hosts more than 28,000 job advertisements, will be Yahoo's principal supplier of employment listings, although Tony Faure, Yahoo's local MD, maintained the deal would not give the internet company exclusive rights to Seek content.
Faure said Yahoo currently had around 30 arrangements with content providers, including the ABC and Reuters, but he stressed that deals with Australian companies had not previously incurred any investment from Yahoo. "It's a matter of looking at each business arrangement you want to make on a case-by-case basis," he explained.
Faure said Seek would benefit from the cash injection, which would in turn increase Yahoo's market power.
Meanwhile, Paul Bassat, CEO of Australia and New Zealand-based Seek, maintained his company had no immediate plans to expand its operations outside Australia and New Zealand, despite Yahoo's international presence. Instead, he said his company would use the Yahoo cash injection to provide as many Australian and New Zealand site visitors with as many job vacancy advertisements as possible.
Faure said Yahoo would consider making further investments outside the US, but did not specify any imminent deals.