Big moves are being made in the tech sector. Today the news comes down that Verizon Is Buying Yahoo, which has been in the rumor mill since late 2016. Today the word on the e-streets from outlets like TechCrunch is that Verizon and Yahoo have agreed to lower the original price tag by $350 million USD. This means that Verizon will acquire Yahoo for around $4.48 billion, while with the news comes work that the two companies have also come to a resolution regarding “legal and regulatory liabilities” for the breaches. The Yahoo purchase will be finalized in the second quarter of this year and will find Yahoo’s search platform, media network, email service and mobile apps under the Verizon banner.
Speaking about the new move, Verizon let out a press statement that read: “Adding Yahoo to Verizon and AOL will create one of the largest portfolios of owned and partnered global brands, with extensive technology-powered distribution capabilities. It will enhance Verizon’s growth strategy of providing a cross-screen connection for consumers, creators, and advertisers.” Yahoo CEO Marissa Mayer also added “This transaction will accelerate Yahoo’s operating business especially on mobile, while effectively separating our Asian asset equity stakes. It is an important step to unlock shareholder value for Yahoo, and we can now move forward with confidence and certainty. We have a terrific, loyal, experienced team at Yahoo. I’m incredibly proud of our team’s strong product and financial execution in 2016, setting the stage for a successful integration.” Speak your thoughts on the news in the comments below and speak your mind on it after the jump. Stay tuned for much more coming soon!
Photo: David Paul Morris / Bloomberg