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Verizon agrees to $4.8 billion deal to buy Yahoo

Verizon Communications is expected to acquire Yahoo’s core businesses for $4.8 billion, the New York Post reported.

The deal is expected to put an end to Yahoo Chief Executive Marissa Mayer’s four-year term, which saw Yahoo’s struggle to regain its dominant form.

It will also end a lengthy auction which saw other bidders such as Quicken Loans founder Dan Gilbert, TPG, Bain Capital, AT&T, and Vista Equity Partners vie for Yahoo’s services.

In the deal, Verizon will merge Yahoo with its another acquisition AOL, which means Yahoo’s news, sports, and finance sites will be added to its Web titles such as Huffington Post and TechCrunch.

However, the telecom company will not buy Yahoo’s 3,000 technology patents nor Yahoo’s stake in China-based company Alibaba or Yahoo Japan.

The agreement between Verizon and Yahoo is expected to be announced early Monday.

(Photo Source: verizonwireless.com)