/Verizon Acquires yahoo for $4.8 Billion

Verizon Acquires yahoo for $4.8 Billion

Verizon has acquired yet another internet firm Yahoo for $4.8 billion, nearly one year after it purchased falling internet firm AOL.

The acquisition however did not include Chinese firm Alibaba, which Yahoo holds valuable stake. The deal does include social media site Tumblr, Yahoo Mail, Finance and News, which includes a deal with award-winning journalist Katie Couric.

CEO Marissa Meyer is planning to remain with the company and transition into the Verizon team, although it is speculated she will not hold a top-ranking position. If she chooses to leave, a $57-million-dollar severance package is waiting for her.

The deal will be finalized on or before first quarter of 2017 by regulators.

This marks the end of Yahoo’s 21-year-streak as being an independent company.  News of Verizon buying Yahoo did not seem favorable among investors, as the Yahoo stocks fell nearly 4% Monday afternoon.

Source: BBC

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