It's official. Yahoo has, finally found a suitor. According to a report in Wall Street Journal (WSJ), " Verizon Communications Inc has agreed to pay $4.8 billion to acquire Yahoo Inc." The report quotes a person "familiar with the matter".
The acquisition ends a long-drawn auction process for the troubled internet company.
According to the report by US telecommunications giant Verizon, "the deal simply adds another piece to the digital media and advertising business it is trying to build."
The deal, according to analysts, is likely to give Verizon a better chance at competing in a digital ad market dominated by the likes of Google and Facebook.
As per earlier reports, AT&T and Quicken Loans founder Dan Gilbert, as well as buyout firms Vector Capital Management and TPG were also actively involved in the bidding process till the end.
One of the pioneers of the internet age, Yahoo has millions of users. Some of its well-known digital products include Flickr, Tumblr and Yahoo Finance and Sports, in addition to some useful digital-ad tech. The $5 billion price tag is, pretty much nothing, for a company which once boasted a $125 billion market cap.
The acquisition ends a long-drawn auction process for the troubled internet company.
According to the report by US telecommunications giant Verizon, "the deal simply adds another piece to the digital media and advertising business it is trying to build."
The deal, according to analysts, is likely to give Verizon a better chance at competing in a digital ad market dominated by the likes of Google and Facebook.
As per earlier reports, AT&T and Quicken Loans founder Dan Gilbert, as well as buyout firms Vector Capital Management and TPG were also actively involved in the bidding process till the end.
One of the pioneers of the internet age, Yahoo has millions of users. Some of its well-known digital products include Flickr, Tumblr and Yahoo Finance and Sports, in addition to some useful digital-ad tech. The $5 billion price tag is, pretty much nothing, for a company which once boasted a $125 billion market cap.
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