Verizon buys Yahoo for $4.8 billion: 10 things to know

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