A sign hangs on the Verizon headquarters on May 12, 2015 in New York City. Verizon announced today that it is buying AOL for $4.4 billion. (Andrew Burton/Getty Images)
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The second time in two years that Verizon has snapped up the remains of a fallen internet star — it paid $4.4 billion for AOL last year.
SAN FRANCISCO (AP) — Verizon is buying Yahoo for $4.83 billion, marking the end of an era for a company that once defined the internet.
BREAKING: Verizon has confirmed it will acquire Yahoo's core business for $4.8bn https://t.co/i5LswmhNpK pic.twitter.com/MH7a5FlHzD
— Financial Times (@FT) July 25, 2016
The sale announced Monday marks the second time in two years that Verizon has snapped up the remains of a fallen internet star as it broadens its digital reach. The nation's largest wireless carrier paid $4.4 billion for AOL last year.
Verizon won the Yahoo bidding after a five-month auction.
Yahoo Inc. is parting with its email service and websites devoted to news, finance and sports in addition to its advertising tools under pressure from shareholders fed up with a steep downturn in the company's revenue during the past eight years.
The deal is expected to close in 2017's first quarter.
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Sr. Editor, News
Dave Urbanski is a senior editor for Blaze News.
DaveVUrbanski
Dave Urbanski
Sr. Editor, News
Dave Urbanski is a senior editor for Blaze News and has been writing for Blaze News since 2013. He has also been a newspaper reporter, a magazine editor, and a book editor. He resides in New Jersey. You can reach him at durbanski@blazemedia.com.
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