Verizon to Buy Yahoo for $4.8B

An announcement is expected Monday
By Luke Roney,  Newser Staff
Posted Jul 24, 2016 2:21 PM CDT
Verizon to Buy Yahoo for $4.8B
   (AP Photo/Marcio Jose Sanchez, File)

Verizon will acquire Yahoo—once valued at more than $125 billion—for $4.8 billion, a source tells the Wall Street Journal. An official announcement of the deal, which will end an auction process that began five months ago, is expected Monday. The WSJ calls the deal "a remarkable fall for the Silicon Valley web pioneer," adding that it's an opportunity for Verizon to add to its growing digital and advertising business.

Last week, Yahoo reported that its revenue for the April-June quarter was down 19% year-over-year, according to the AP, falling to $842 million from $1 billion in 2015. At that time, the AP speculated that selling Yahoo's operations "would likely end the four-year reign of CEO Marissa Mayer." (Read more Yahoo stories.)

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