NEW YORK (CBSNewYork/AP) — Verizon has agreed to buy online portal Yahoo Inc. for roughly $5 billion, according to multiple media reports citing a single unnamed source.
Verizon had emerged in recent days as the front runner for the beleaguered internet company. The deal was expected to be formally announced before markets open on Monday.READ MORE: 23rd Annual 'A Home For The Holidays At The Grove' Comes To CBS On Sunday, December 5th
Yahoo is expected to sell its email service and news, finance and sports websites in addition to its advertising tools under pressure from shareholders fed up with a downturn in the company’s revenue during the past eight years.READ MORE: CNN's Chris Cuomo Fired Over Involvement In Brother Andrew Cuomo's Response To Sexual Harassment Scandal
After the sale is completed, Yahoo will become a holding company for its two stakes in China’s e-commerce leader, Alibaba Group, and Yahoo Japan.
Verizon struck a deal to acquire online giant AOL for $4.4 billion in 2015.MORE NEWS: Jokic Gets 32 Points In Just 27 Minutes, Nuggets Rout Knicks
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