Verizon is buying Yahoo for $4.8 billion per ArsTechnica.
Those assets will form part of a new publicly traded company that will be spun out of Yahoo as a separate business. It’s unclear who will head up that firm, however.
Verizon CEO Lowell Adam said: “Just over a year ago we acquired AOL to enhance our strategy of providing a cross-screen connection for consumers, creators, and advertisers. The acquisition of Yahoo will put Verizon in a highly competitive position as a top global mobile media company, and help accelerate our revenue stream in digital advertising.”
Yahoo will be thrown into the mix with AOL—also a faded Internet star that burned brightly in the ’90s.
The business will be steered by Verizon’s Executive VP Marni Walden, the company said.
Yahoo CEO Marissa Mayer—in a carefully worded statement that made no mention of her future at the company once it joins AOL in the Verizon fold—said: