Verizon to announce $5 bn deal to buy Yahoo today
Today, a part of our growing up years will become no more. Before Google came by to crash the internet browsers’ party, there was Yahoo for everything.
If indications coming out of the USA are true, then Verizon Communications Inc is all set to announce an agreement to buy Yahoo Inc for about $5bn. The announcement is set to be made before the start of New York trading hours, according to a source with knowledge about the deal, reported firstpost.com.
The deal will end months of uncertainty about Yahoo's future after the company announced plans to review strategic alternatives in February.
Both Yahoo and Verizon could not be reached for comment.
Bloomberg first reported the deal would be announced on Monday for $4.8bn. Reuters had reported that Verizon had emerged as the front-runner in the Yahoo auction.
The transaction will boost Verizon's AOL internet business, which the company acquired last year for $4.4bn, by giving it access to Yahoo's advertising technology tools, as well as other assets such as search, mail, messenger and real estate.
It would also mark the end of Yahoo as an operating company, leaving it only as the owner of a 35.5% stake in Yahoo Japan, as well as its 15% interest in Chinese e-commerce company Alibaba Group Holding Ltd.
Started in 1994 by Stanford graduate students Jerry Yang and David Filo, Yahoo in its early years was the destination of choice for many making their first forays onto the World Wide Web.
By 2008, Yahoo was fending off a contentious takeover bid from Microsoft Corp and struggling to define its mission.
That question was never really answered, leading to years of management instability and shifting priorities.
What are your memories with Yahoo?
In the early 20s, yahoo messenger and fb were probably the sole elements for social networking during then. It really was something to reminiscent for.
muad always has good things to say, a great team player indeed.
Great memories of Yahoo.. It was through Yahoo Chat that my dear friend Rizks first communicated with his beloved Chin Tu Fat .. How they talked for hours whilst I drank Karak ..
Then when she agreed to meet him, I distinctly heard him shout "Ya-Hoooooooooo" as he jumped into the air .. Good times
Molten my pal .. There are so many .. Yahoo helped me share pictures of my life alone in Qatar with the family back home .. It filled them with joy
Muad, Any memories ? .......... They are asking for the memories .................
We support this sale