THE NEWS WRAP: Yelp no longer for sale

Consumer review website Yelp is no longer looking to be purchased, Bloomberg Business reports.

It’s not due to a lack of interested buyers, but the company won’t be sold in the immediate future, sources say. The company may begin looking for buyers again if founder and chief executive officer Jeremy Stoppelman changes his mind.

Yelp stock is down almost 10% on the news, currently trading at $38.20.

Scribd’s expensive model

In a letter to a publisher’s subscription site, Scribd has admitted that paying publishers based on how much people read is too expensive in certain genres.

As a consequence, Scribd is removing thousands of romance titles from its site, Nieman Lab reports.

“We’ve grown to a point where we are beginning to adjust the proportion of titles across genres to ensure that we can continue to expand the overall size and variety of our service,” the letter from Scribd says.

“We will be making some adjustments, particularly to romance, and as a result some previously available titles may no longer be available.”

Intel president steps down

Intel president Renee James will step down to seek a chief executive officer role elsewhere, according to Bloomberg Business.

In a letter to Intel employees, James, who had spent 28 years at the company, says being the leader of a company is something she’s always wanted and it’s now the right time to take that next step.

Overnight

The Dow Jones Industrial Average is down 27.80 to 17,730.11. The Australian dollar is currently trading at US76 cents.

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