Verizon plans to announce on Monday an agreement to buy Yahoo for $5 billion, according to a source familiar with the matter. Gavino Garay reports.
(Reuters) – Telecommunications giant Verizon is expected to announce a $5 billion dollar deal to purchase Yahoo.
A source familiar with the matter says the announcement is expected to come before the start of trading in New York on July 25.
This brings some clarity following months of uncertainty about Yahoo’s future, after the company in February said it was weighing strategic alternatives.
Verizon was reported to be the front runner in the Yahoo auction. Bloomberg earlier reported that a deal had been struck for $4.8 billion.
The deal would boost Verizon’s AOL internet business, which the company acquired last year for $4.4 billion.
Born in 1994 by two Stanford graduate students.. Yahoo had glory days as the first destination search engine of choice in the infancy of the Web.
With vast assets in search, mail, messenger and real estate, time will only well what screaming ‘Yahoo!’ will soon mean.