More than a year after Verizon paid $4.4 billion to acquire AOL, Verizon is now buying Yahoo Inc., for $4.83 Billion in cash. The two companies confirmed this on Monday morning completing a process that started months ago.
Yahoo CEO Marissa Mayer stats “ It’s poetic to be joining forces with AOL and Verizon as we enter our next chapter focused on achieving scale on mobile.”
According to Lowell McAdam, Verizon CEO, Yahoo will be integrated with AOL and placed under Verizon’s Marni Walden, an executive vice president and president of its Product Innovations and new businesses organization.
McAdams states that this will put Verizon into a “highly competitive position as a top global mobile media company and help accelerate our revenue stream in digital advertising.”
Yahoo, one of the longest-running Internet companies, founded in 1994, survived the dot-com boom, is now the third most popular search engine in the US, aside from search Yahoo offers finance, news, mail and verticals such as Tumblr (blogging site) and Flickr.
Yahoo retains its corporate assets and will hold onto those under a new name and form a new publicly traded investment company.