July 25, 2016
Verizon Communications announced it will buy Yahoo Inc. for $4.8 billion. The announcement ends months of uncertainty for the internet company, which has been floundering in the face of increasing competition. The transaction will effectively end Yahoo as an operating company.
Verizon’s acquisition of Yahoo’s core operating business and patents will help it grow as a media company. Additionally, the buy is viewed as a move to boost its AOL business, which the telecom giant acquired in 2015 for $4.4 billion.
“Yahoo gives us scale and that’s what’s most critical here,” said Marni Walden, Verizon president of product innovation and new business. “We go from being in the millions of audience to the billions. We want to compete and that’s the place that we need to be, so we’re very pleased with where we are today.”
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