|25 Jul 2016||#1|
Verizon buys Yahoo for $4.83B, marking end of an era
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.
It is the second time in as many years that Verizon has snapped up the remnants 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.
Yahoo will be rolled into Verizon's AOL operations and CEO Marissa Meyers could be working again with AOL CEO Tim Armstrong, who worked with Mayer at Google for years and tried unsuccessfully to convince her to combine the two companies when they both remained independent.
Though many expected the sale of Yahoo to spell the end of Mayer's reign, a Tumblr post from Mayer moments after the deal was announced read, "For me personally, I'm planning to stay. I love Yahoo, and I believe in all of you. It's important to me to see Yahoo into its next chapter.
Yahoo Inc., Sunnyvale, California, is parting with its email service and still-popular 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 slump has been deepening even though advertisers have been pouring more money into what is now a $160 billion market for digital advertising, according to research firm eMarketer.
Most of the money has been flowing to internet search leader Google and internet social networking leader Facebook, two companies that eclipsed Yahoo during its slide from an online sensation, once valued at $130 billion, to a dysfunctional also ran.
The transaction does not include Yahoo's cash, shares in Alibaba Group Holdings, its shares in Yahoo Japan, its non-core patents.
After the sale is completed, Yahoo Inc. will become a holding company for its two stakes in China's e-commerce leader, Alibaba Group, and Yahoo Japan. Those investments, made more than a decade ago, have been the most valuable pieces of Yahoo throughout Mayer's tenure.
Yahoo will change its name at closing and become a publicly traded investment company.
Yahoo has hired a succession of CEOs to engineer a comeback, but finally gave up after the high hopes that accompanied Mayer's hiring fizzled out.
The sale potentially could result in thousands of layoffs. Mayer has already jettisoned 1,900 Yahoo workers since last September.
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