Telecom sells Yahoo!Xtra stake

Telecom New Zealand has sold its 49 per cent stake in Yahoo!Xtra, New Zealand's largest web portal, to Yahoo!7, and the business is being renamed Yahoo! New Zealand.

Yahoo!7 is a partnership between the Australian media company Seven Network and Yahoo!. It previously owned 51 per cent of Yahoo!Xtra.

The price of buying out Telecom was not disclosed. Yahoo! New Zealand will continue to deliver services to Telecom's customers.

- NZPA