Verizon has confirmed earlier reports that it will purchase Yahoo in an all-cash deal worth around £3.8 billion ($4.8 billion).
The acquisition includes Yahoo’s core internet operations and land holdings, which will be combined with those of ailing internet star AOL.
By taking possession of Yahoo’s internet business – which boasts more than one billion active users a month – Verizon aims to become a major global mobile media company.
The addition of Yahoo to Verizon and AOL will create one of the largest portfolios of owned and partnered global brands, with a combined portfolio of 25.
The final price tag is well below the $44 billion Microsoft offered for Yahoo in 2008 and is expected to be finalised in Q1 of 2017.
Marissa Mayer, chief executive of Yahoo, said: “Yahoo is a company that has changed the world, and will continue to do so through this combination with Verizon and AOL.”
In an email to staff, Ms Mayer claimed she was planning to stay at the company, stating: “I love Yahoo, and I believe in all of you. It’s important to me to see Yahoo into its next chapter.”
