Verizon has confirmed that will officially acquire Yahoo’s core business – including its advertising and search divisions – for $4.83 billion USD.
Yahoo has officially been acquired by Verizon. The deal, which will see the latter part with $4.83 billion USD, will see Yahoo give up its advertising, content, search, and mobile divisions.
The deal will see many famous internet properties – such as Yahoo Mail, Fantasy Sports, Flickr, and Yahoo Search – fall under Verizon’s banner.
Read: Yahoo might be set to sell off its core businesses
Yahoo will be integrated with AOL, which the company similarly bought last year for $4.4 billion USD. The plan, at present, is to combine both properties to form the world’s third most trafficked web giant behind the likes of Google and Facebook.
Previously, Microsoft offered to purchase Yahoo in 2008 for a reported figure of $45 billion USD. That offer was rejected by the platform’s co-founder, Jerry Yang.
Presiding over the announcement, Verizon CEO Lowell McAdam said in a statement that: “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.”
Yahoo was once one of the most valuable properties of the web before it fell far behind the likes of Google; incumbent CEO Marissa Mayer was brought on board in 2012 in an attempt to reverse the company’s fortunes.
Mayer’s initiatives – such as the purchase of content such as television series Community as well as Tumblr – largely failed. Mayer’s job remains in question following the acquisition, as Marni Walden – Verizon’s Executive Vice President and President of Product Innovation and New Businesses – will take over AOL and Yahoo’s combined assets.
Verizon and Yahoo are slated to conclude the deal in the first quarter of 2017.
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