Terry Semel, the former co-chairman of Warner Bros., the motion picture and music arm of what was then Time Warner Inc., has been hired as chairman and ceo of Internet media company Yahoo! Inc. (Santa Clara, Calif.). The move is considered a reflection of Yahoo's intention to become a bigger multi-media player. Semel replaces longtime Yahoo ceo Tim Koogle.
During Semel's 18 years at the helm, Warner Bros. enjoyed 18 consecutive years of record profits and revenues from films and television. Semel also administered the opening of the Warner Bros. Studio stores chain. He left time-Warner in 1999, with co-chairman Robert Daly, after a string of expensive movie flops, culminating with Stanley Kubrick's “Eyes Wide Shut.” He was rumored last summer to be heading a new management team at Universal Studios, which had merged to become part of French entertainment group Vivendi Universal.
Prior to working for Warner Bros., Semel was president of Walt Disney's Theatrical Distribution division, and previously was president of CBS'Theatrical Distribution division.
The executive changes, which take effect May 1, come amid hard times in the dot.com media business — fed by a slump in critical advertising revenue — that has hurt Yahoo's growth outlook. Rival Internet media sites operated by NBC and Disney have slashed staff and scaled back operations.