Yahoo Inc. (YHOO) To Sell Core Business To Verizon Communications Inc. (VZ) For $4.8 Billion
The following is an excerpt from AVANEESH PANDEY | July 25, 2016 | ibtimes.com |
UPDATE: 7:10 a.m. EDT — Verizon confirmed in a statement released Monday morning that it has entered into a definitive agreement to purchase Yahoo's core business for $4.83 billion in cash, ending a long drawn out auction process. The deal, which is subject to regulatory and shareholder, will bolster Verizon's AOL internet business, which the New York-based company acquired for $4.4 billion last year.
"Just over a year ago we acquired AOL to enhance our strategy of providing a cross-screen connection for consumers, creators and advertisers," Verizon Chairman and CEO Lowell McAdam said in the statement. "The acquisition of Yahoo will put Verizon in a highly competitive position as a top global mobile media company, and help accelerate our revenue stream in digital advertising."
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