Yahoo sells to Verizon
telecom | 07/25/2016 6:25 pm EDT
Verizon Communications Inc. will acquire Yahoo Inc.’s core Internet business, roughly seven months after initial reports hinted at Verizon’s interest in the company.
It’s a cash deal worth approximately $4.83 billion US that will see the California-based company integrated with AOL, which was acquired by Verizon last year for more than $4 billion, according to a Monday press release.
“Combining Verizon, AOL and Yahoo will create a new powerful competitive rival in mobile media, and an open, scaled alternative offering for advertisers and publishers,” the release read.
Both companies have similar businesses with digital advertising and online content, with Yahoo saying it has a global audience of 1 billion monthly active users.
Earlier this year, Yahoo had been shopping
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