Yahoo's tenure as an independent internet company is coming to an end. On Monday, Verizon confirmed its $4.8-billion buyout of the beleaguered web pioneer. Verizon won the bidding war for Yahoo after a five-month-long auction, following Yahoo's announcement in February that it would consider alternatives as its revenue continued to plummet.
All that's left of Yahoo now is its 35.5 percent stake in Yahoo Japan Corp. and 15-percent interest in Chinese e-commerce giant Alibaba Group Holding Ltd., which have a combined market value of roughly $40 million. Yahoo will hand over its email services, websites, advertising tools, and real estate assets. The deal will likely also end the tenure of Yahoo CEO Marissa Mayer.
The deal, expected to double the size of Verizon's digital advertising, will reportedly close in the first quarter of 2017. Verizon's purchase marks the second time in two years that it has bought a fallen internet company; the wireless carrier bought AOL last year for $4.4 billion.
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