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Yahoo, cutting jobs and closing businesses to stem profit declines, will shut down its GeoCities free Web-hosting service after paying about $3 billion for the unit in 1999.
GeoCities isn't accepting new accounts and will close later this year, Yahoo said on its Web site. GeoCities, Yahoo's second-biggest acquisition behind Broadcast.com, lets users design personal Web sites to show off photos, promote local clubs or publicize business services.
CEO 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 percent of the total, after eliminating about 1,600 in the fourth quarter. Yahoo may shutter or farm out more products, Bartz said this week.
"We are increasing investment in some areas while scaling back in others," Kim Rubey, a Yahoo spokeswoman, said in an e-mail. "We continue to evaluate our portfolio of products and services on a regular basis, and plan to share details of further changes with our consumers and partners in the months ahead."
Yahoo pointed GeoCities users to its paid Web-hosting service. The company will give users more details on saving GeoCities' data later this year.
Other services Yahoo has closed include travel-search site FareChase and online storage service Briefcase.
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