Verizon buys Yahoo for $4.8 billion: 10 things to know
Internet giant Yahoo on Monday announced that it has agreed a USD 4.83 billion deal to sell its core business to US tech giant Verizon Communications.
Zee Media Bureau
New Delhi: Internet giant Yahoo on Monday announced that it has agreed a USD 4.83 billion deal to sell its core business to US tech giant Verizon Communications.
Marissa Mayer, CEO of Yahoo, said in a statement: "Yahoo is a company that has changed the world, and will continue to do so through this combination with Verizon and AOL."
With the deal, a lot of changes will be seen at Yahoo including the change of its name.
Here are 10 things to know about the Varizon-Yahoo deal:
- The deal ends Yahoo's 20-years of being an independent company
- Yahoo will become a separate investment company and change its name after the transaction
- The acquisition is expected to be closed by early 2017
- Yahoo would be integrated into AOL unit to create a top global mobile media company
- Post acquisition, Yahoo will fall under the aegis of the AOL unit chief, Tim Armstrong
- The deal will not, however, include Yahoo`s cash, certain patent holdings, and its big share in China`s Alibaba Group and stake in Yahoo Japan
- Failure to pace up with rivals such as Google and Facebook is one of the main reason for the sale of the once internet king
- At its peak, Yahoo had a market value of over $100 billion
- Other bidders for Yahoo included Quicken Loans founder Dan Gilbert
- The acquisition will help Verizon build on its digital media and advertising business