The End of an Era as Verizon Buys Yahoo

Verizon purchases Yahoo for $4.83B

Verizon is buying Yahoo for $4.83 billion, marking the end of an era for a company that once dominated the internet.

It is the second time that Verizon has extended its digital reach, last year the wireless carrier paid $4.4 billion for AOL.

Yahoo, Inc., based in Sunnyvale, California, is parting with its email service and still-popular websites devoted to news, finance, and storms in addition to its advertising tools.

Verizon is buying Yahoo’s real estate, along with online operations. The sale could potentially result in thousands of layoffs.

Verizon won a five-month auction for Yahoo over a list of other bidders that included rival AT&T Inc. The deal, expected to close within the first three months of next year, still needs approval from Yahoo shareholders.