Yahoo's online video hub Screen is no more.
The company has shuttered the Screen service in the latest sign of CEO Marissa Mayer's ongoing struggles to revitalize Yahoo's business and to bet big that video streaming could draw a new generation of users to its site.
And with Yahoo facing increasing investor discontent, and pressure to deliver improving business results, the demise of Screen could be the first of more big changes and product shut-downs. Yahoo warned in October that it would narrow its focus in the coming months.
Yahoo said in a statement that the various videos available on Screen would be "transitioned" to other parts of Yahoo, specifically its digital magazines.
"We’re constantly reviewing and iterating on our products as we strive to create the best user experience," Yahoo said, noting that the change would help users "discover complementary content in one place."
News of Screen's demise, which Yahoo said officially happened last week, was first reported by Variety.
Screen was launched in October 2011, before Mayer took the reins as CEO. But Mayer has made streaming video one of the major pillars of the comeback effort that she is leading. Under her watch, Yahoo has spent heavily to bolster its catalog of video content for Screen, acquiring the rights to Saturday Night Live, live streaming an NFL football game and hiring TV anchor Katie Couric, among other things.
The strategy has not delivered the payoff that Yahoo expected. In October the company took a $42 million write down for original video programs such as "Community." The write-down came one month after Yahoo executive Kathy Savitt, who oversaw the video effort among other responsibilities, jumped ship to join film studio STX Entertainment.
It's unclear whether the Screen closure will entail any layoffs, according to Variety, which noted that Couric's daily news reports will continue to be available on Yahoo.
A new chapter
Yahoo is taking steps to restructure its business, more than three years into a turnaround effort by Mayer that has failed to revive the company's stalled revenue and as speculation mounts that the struggling internet portal could be become an acquistion target.
Yahoo said in December that it was working on a plan to spin off its core internet business into a separate public company, after investors attacked the company's previous plan to spin out its stake in Chinese ecommerce company Alibaba Group. Investors said that plan was too complex and risky.
Meanwhile, a string of executives have left Yahoo in recent months and the company's stock has plunged nearly 40 percent from its 52-week high.
The company is also looking at selling more than 48 acres of land in Santa Clara, California which it had once set aside as the site for a new potential headquarters, according to recent media reports.
