NEW YORK -- Yahoo Inc. and Alibaba Group released a joint statement Sunday saying they are "engaged in and committed to productive negotiations," giving few details but aiming to present a united ...

Yahoo and Alibaba said the negotiations over the Alipay spinoff were underway because neither side looks good in this one. Alipay, China's largest online payment network, is worth billions of dollars.

Yahoo Inc.’s issues with Alibaba Group Holding Ltd. over the ownership of the Alipay online payments provider have yet to be resolved, though the companies are making progress, they announced June 22.

Alibaba Group has reached an agreement with Yahoo and Softbank over Alipay, the payment platform behind China's largest e-commerce market, Taobao.