The end seems in sight for Yahoo as an independent company following the decision of its board to accept Verizon’s $4.8 billion bid for the company’s core internet operations and land holdings. The deal is expected to be officially announced today (Monday).
Yahoo was the front door to the web for an early generation of internet users, and its services still attract a billion visitors a month.
New York Times reported that the board of the Silicon Valley company has agreed to sell Yahoo’s core internet operations and land holdings to Verizon Communications for $4.8 billion, according to people briefed on the matter, who were not authorized to speak about the deal before the planned announcement on Monday morning.
After the sale, Yahoo shareholders will be left with about $41 billion in investments in the Chinese e-commerce company Alibaba, as well as Yahoo Japan and a small portfolio of patents.
Marissa Mayer, Yahoo’s chief executive, is not expected to join Verizon, but she is due to receive a severance payout worth about $57 million, according to Equilar, a compensation research firm.
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