A new deal, expected to close in early 2017, marks the end of an era; the end of Yahoo as an operating company.
Verizon Communications Inc. is planning to expand its digital advertising and media business, therefore, the company has announced it will buy Yahoo Inc.’s core internet properties for $4.83 billion in cash, Huffington Post reports.
The purchase will boost’s the company’s AOL internet business, which it acquired last year for $4.4 billion.
“The sale of our operating business, which effectively separates our Asian asset equity stakes, is an important step in our plan to unlock shareholder value for Yahoo,” Yahoo Chief Executive Marissa Mayer said in a statement, according to Huffington Post.
According to reports, the sale does not include Yahoo’s cash, its shares in Alibaba Group Holding Ltd, shares in Yahoo Japan, Yahoo’s convertible notes, certain minority investments or Yahoo’s non-core patents.
“Yahoo gives us scale that is what is most critical here”, Marni Walden, who will head the combined company said “We want to compete and that is the place we need to be.”
The company’s new leadership team has yet to be determined.
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