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Yahoo Nears $1.4 Billion Deal to Sell AOL to Italy’s Bending Spoons

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Yahoo is close to finalizing a deal to sell its AOL unit to Italian technology company Bending Spoons for about $1.4 billion, according to four sources familiar with the matter. The sale would mark the latest chapter in the decline — and reinvention — of one of the internet’s earliest giants.

The Milan-based app developer is in advanced negotiations to purchase AOL, the sources said, but cautioned that no final agreement has been signed, and the talks could still collapse.

Yahoo, owned by Apollo Global Management, did not respond to Reuters’ request for comment, while both Bending Spoons and Apollo declined to discuss the ongoing talks. Apollo acquired a 90% stake in Yahoo from Verizon in 2021 in a $5 billion deal.

FROM INTERNET ICON TO REVAMP OPPORTUNITY

Once the dominant force of the early internet, AOL was synonymous with the “You’ve Got Mail” era and played a defining role in the online revolution of the late 1990s. Its 2000 merger with Time Warner, then the largest corporate deal in history, ended in massive losses and regulatory scrutiny — symbolizing the collapse of the first dot-com boom.

A successful sale to Bending Spoons would be a fresh start for the AOL brand, adding its advertising and subscription-based services — including LifeLock, LastPass, and McAfee Multi Access — to the Italian company’s fast-expanding portfolio.

A source familiar with AOL’s recent performance said the company has seen 20% year-over-year website traffic growth, driven primarily by users aged 25 to 54, a shift from its traditionally older demographic. The rise is attributed to new content verticals such as Health, Science & Tech, Home & Garden, and True Crime.

BENDING SPOONS: EUROPE’S RISING TECH STAR

Founded in 2013 by Luca Ferrari, Bending Spoons has become one of Europe’s most prominent tech firms, known for acquiring struggling digital platforms and modernizing them. Its apps now attract 300 million monthly users worldwide.

The company was valued at $2.55 billion after a February 2024 funding round, earning it “unicorn” status — a rarity in Italy’s tech ecosystem.

Bending Spoons has recently been on an acquisition spree, purchasing WeTransfer earlier this year and agreeing to take Vimeo private for $1.38 billion in what is currently its largest deal.

Adding AOL’s global reach would further bolster the company’s ambitions and position it as a potential IPO candidate in the United States. CEO Luca Ferrari previously told Reuters that while no immediate plans exist for a public listing, the firm is “working to be ready” and looking to expand beyond Europe.

If completed, the $1.4 billion AOL acquisition would cement Bending Spoons’ role as a new European powerhouse reviving legacy internet brands for the AI and mobile era.

Lyft and May Mobility Launch Robotaxi Service in Atlanta

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Ride-hailing company Lyft and autonomous vehicle startup May Mobility have launched a pilot robotaxi service in Atlanta, marking the partnership’s first public deployment.

Starting Wednesday, customers using the standard Lyft app can hail Toyota Sienna minivans retrofitted by May Mobility to operate on routes in and around Midtown Atlanta. The fares will be comparable to regular Lyft rides.

The service begins with a small fleet, each vehicle staffed with trained in-vehicle operators who can answer passenger questions and take control if needed. This rollout highlights Lyft’s strategy to integrate self-driving options into its platform through partners such as Baidu in Europe and Mobileye, as competition intensifies in the robotaxi space.

Jeremy Bird, Lyft’s executive vice president of driver experience, said the fleet will expand gradually: “We’ll start in the single digits of cars, move up to dozens, and over time to hundreds and thousands.” Neither Bird nor May Mobility CEO Edwin Olson gave a specific timeline. Olson noted the vehicles use a redundant drive-by-wire system and a 360-degree sensor suite combining lidar, radar, and cameras.

The pilot will be integrated into Lyft’s hybrid marketplace, allowing passengers to choose between autonomous and conventional rides. Management of the fleet will be handled by May Mobility, rather than Lyft’s Flexdrive operations unit.

Last month, Lyft held an AV Driver Forum in Atlanta to brief drivers on the program, while both companies engaged with local and state officials to ensure smooth deployment.

Competition in the U.S. robotaxi sector is heating up. Waymo, owned by Alphabet, has expanded its paid autonomous services in major cities, Uber has partnered with tech firms for global self-driving deployments, and Tesla launched its first robotaxi service in Austin, Texas, as well as a ride-hailing program in the Bay Area earlier this year.

Applied Materials Cuts Forecast Amid China Slowdown and Export-Restrictions

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Applied Materials (AMAT.O) forecasted fourth-quarter revenue and profit below analyst expectations on Thursday, citing weak demand in China and uneven orders from customers impacted by tariff uncertainty. Shares fell nearly 13% in after-hours trading.

The ongoing U.S.-China trade tensions and export restrictions on advanced semiconductor equipment have complicated forecasting, weighing on orders for chipmaking tools suppliers like Applied Materials. China accounted for 35% of Applied’s total sales in the July quarter, making it a critical market.

CFO Brice Hill said the company expects a revenue decline in the fourth quarter due to both the absorption of recently added capacity in China and non-linear demand from leading-edge customers. Tightened export controls prevent sales of the most advanced chipmaking equipment to Chinese clients. Meanwhile, Chinese chipmakers are pausing new orders for older-generation chips used in automotive, industrial, and consumer electronics.

Applied projected fourth-quarter revenue of $6.70 billion, plus or minus $500 million, below the $7.33 billion analysts had anticipated. Adjusted profit per share is expected at $2.11, compared with estimates of $2.39. The forecast assumes no approvals for pending U.S. export license applications.

The company’s third-quarter results exceeded expectations, with revenue up 8% to $7.30 billion and adjusted earnings per share at $2.48, above analyst estimates of $2.36.