Press. voanews.com.
Telecommunications giant Verizon Communications has agreed to buy
Internet trailblazer Yahoo for $4.8 billion. Yahoo was under pressure from
shareholders who were critical of the company's financial performance over the
past eight years.
The transaction will likely end the four-year reign of Yahoo chief
executive Marissa Mayer, a former Google executive, although her exact role
after the sale was unclear.
She told Yahoo employees in an email, "I love Yahoo, and I believe
in all of you. It's important to me to see Yahoo into its next chapter." Mayer
will get a severance package valued at $55 million, according to documents
filed with regulators.
Yahoo has under-performed even as advertisers have increased spending in
what is now a $160 billion digital advertising market, according to the
research firm eMarketer. The Internet
pioneer's services draw about one billion visitors each month.
Verizon's purchase of Yahoo should strengthen its America Online
Internet business, which it bought last year for $4.4 billion. Once the transaction is complete, Verizon
will have access to Yahoo's advertising technology and other assets, such as
search tools, mail, and messenger applications.
The sale does not include Yahoo's cash, its shares in Chinese e-commerce
company Alibaba, worth $41 billion, Yahoo Japan or a small portfolio of
patents. Yahoo's market value was more than $37 billion when the markets opened
Monday.
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