Verizon has agreed to acquire Yahoo for a reported $4.83 billion, both companies said Monday (July 25).
According to CNN, parties from Warren Buffett to The Daily Mail were interested, but when a sale process dragged on for months, Verizon came in and closed the deal.
Still, the deal must be approved by regulators and is expected to be finalized in the first quarter of 2017. It marks the end of Yahoo’s 21-year history as an independent company.
Once things are finalized, Yahoo will now be integrated with Verizon-owned AOL under Marni Walden, an executive VP at the telecom company. It’s unclear who will lead Yahoo once the deal is complete.
It’s also unclear where current Yahoo CEO Marissa Mayer will land after the deal closes. However, in a memo to employees on Monday, posted on Tumblr, she wrote: “For me personally, I’m planning to stay. I love Yahoo, and I believe in all of you. It’s important to me to see Yahoo into its next chapter.”
For Verizon, the deal continues its plan to grow its digital business. It has invested in digital content and advertising in recent years, buying AOL and the Huffington Post.