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: COVID Anniversary: New York Marks 1 Year Since 1st Case Detected
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: New Jersey Sports Arenas Reopen At Limited Capacity
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: NYPD: Man Charged With Murder In Quadruple Stabbing That Killed Good Samaritan
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