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Yahoo Inc. said it will close its South Korean web portal and an Internet advertising business, cutting its losses in a market where it has struggled for over a decade.
Yahoo's South Korea unit said Friday its Seoul office with over 200 employees will be shut by the end of this year. The decision comes after former Google executive Marissa Mayer took the helm at the struggling U.S. Internet company in July.
Yahoo's South Korean market share has become negligible in recent years as users flocked to Naver, Daum and other portals operated by South Korean Internet firms.