Verizon buys Yahoo for $4.83B

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.

The sale announced Monday marks the second time in two years that Verizon has snapped up the remains 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.


Verizon won the Yahoo bidding after a five-month auction.

Yahoo Inc. is parting with its email service and 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 deal is expected to close in 2017's first quarter.

 

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Up Next:


Up Next

  • Verizon buys Yahoo for $4.83B
  • Georgia Dome implosion less than an hour away
  • Charles Manson, whose cult slayings horrified the world, dies
  • Cause of San Jose plane crash involved student, instructor under investigation
  • Longtime country singer, songwriter Mel Tillis dies
  • Police capture loose pig that was abandoned by his owner
  • Huge fire in Manhattan
  • Rogue planet could bring end of days this weekend, numerologists say
  • 'Enormous number' of parasites in North Korean defector's body, doctors say
  • Spice up your Thanksgiving with this Flamin' Hot Cheetos turkey