Yahoo sold to US Telecoms Giant Verizon for $4.83 Billion
Its official news that Verizon owns Yahoo for $4.83 billion, that is 29,600 crores in Indian currency. After so many months of bidding, Yahoo finally acquired by the company. It bought Yahoo entire business including Yahoo search, content, and the mobile operations.
In the press release Verizon Chairman Lowell McAdam stated. “Just over a year ago we acquired AOL to enhance our strategy of providing a cross-screen connection for consumers, creators and advertiser”.
Yahoo will be merged with AOL, another great firm Verizon last year bought. Verizon owned AOL for 4.4 Billion dollars. Verizon is targeting Google and Facebook in the digital advertising business by combining Yahoo and AOL.
Verizon Confirms Yahoo Deal
AOL chief executive Tim Armstrong said the deal was about “unleashing Yahoo’s full potential”, and creating a major player in mobile media.
Together they will have more than 25 brands, including Yahoo Mail, Flickr and Tumblr as well as AOL’s Huffington Post and Techcrunch news sites.
At present Google and Facebook had a 43% market in this digital advertising segment. Verizon planning to boost the sales in near future and capture the market.
Yahoo has separate stakes in Alibaba and Yahoo Japan organizations. These are not included in the latest deal between Yahoo and Verizon. Right now Verizon is a major telecom company in the US.
With the latest move, the company is evolving as a digital media firm also.