Expensive, gratuitous M&A eventually came to exemplify the indulgent decline of Yahoo in recent years. The $1.1bn acquisition of picture website Tumblr in 2013 has just been written down to less than $400m. It is a lesson Yahoo’s acquirer, Verizon, would be wise to acknowledge.
代价高昂且无意义的并购最终成为雅虎(Yahoo!)近年来自我放纵的衰落的例证。2013年，雅虎斥资11亿美元收购图片网站Tumblr，最近这项资产的价值被减记为不到4亿美元。如果聪明的话，刚收购雅虎的美国电信巨头Verizon要记取这个教训。
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