Yahoo skews young, buys site run by 17-year-old

Jon Swartz, USA TODAY, March 26, 2013

SAN FRANCISCO — Yahoo is serious about a youth movement.

The Internet icon grabbed attention Monday when it announced its intention to acquire mobile news reader Summly, the brainchild of 17-year-old Nick D'Aloisio, for a reported $30 million. He promptly became Yahoo's youngest employee.

At the same time, Yahoo is embarking on an ambitious summer-long marketing campaign to woo the under-34 demographic, says Chief Marketing Officer Kathy Savitt. "We own adults 34 and older," she says. "But we plan to reintroduce Yahoo to the younger demographic."

The moves come as some younger users are showing signs of Facebook fatigue and flocking to Instagram, Pheed and Snapchat. Yahoo, with about 700 million monthly users, is seeking to mine a rich vein of 18- to 34-year-olds who are deeply engaged online and tend to spend more, analysts say.