Yahoo has agreed to sell its core website business to Verizon Communications for $ 4.8 billion, according to multiple reports. On February 3, Yahoo had announced that it is open for a bid to explore other strategic alternatives. After months of wait, Verizon bought the staggering company at lowest price in the “tech history” stated Forbes in its report.
The Verizon bid does not include Yahoo Japan and Chinese firm Alibaba which is stated to be worth $40 billion, according to Sunday Business Post.
Yahoo was sold at a very low price compared to $44 billion Microsoft offered for Yahoo in 2008 and it was estimated $125 billion worth during dot.com bubble in 1997-2000, stated BBC.
According to reports, Yahoo CEO Marissa Mayer, who took charge in 2012 made little contribution in returning the company to profit.
Forbes said Mayer will leave office after the deal is concluded with more than $50 million cut.
Reportedly, the company suffered $440 million loss in the second quarter this year despite making “great progress on strategic alternatives” read BBC statement.
Last year, Verizon bought AOL division for $ 4.4 billion. The New York based company is betting on two formerly dominant web portals which will give them an edge in mobile content and advertising technology.