Verizon Communications Inc. is reportedly close to buying Yahoo for $5 billion in cash. While the deal is not fully authorized and can fell apart for any unforeseen reasons, reports suggest that both groups have closed the deal and an announcement is expected in next couple of days.
Verizon is largest wireless carrier in US and keenly looking at web properties for past few years. Just last year it bought AOL for $4.4 billion and if this current deal goes through, Verizon will get access to one of most iconic web properties of this age.
Verizon is trying to position itself as one of the largest online property owner to compete with Alphabet Inc.
Yahoo, after glorious early days, couldn’t keep up with the trends and its usage kept declining. It still owns variety of services and millions of users.
Yahoo’s controversial CEO, Marissa Mayer, tried to revive Yahoo several times but failed and it appears her job is now finally going to get over.
Details say that this deal will include all web and mobile applications of Yahoo, but will not include any patents, that Yahoo will sell separately for few hundred million dollars.
Deal is expected to be made official in next few days.
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