Confirming the deal overnight, US telecommunications company Verizon has acquired Yahoo for $US4.83 billion. The deal will see Verizon add Yahoo's consumer services such as search, news, sport, finance and Tumblr to its fold – which includes the likes of AOL and The Huffington Post.
With the purchase of Yahoo, Verizon becomes one of the biggest communications companies globally – giving it strength against competitors such as Google and Facebook when it comes to users and ad dollars.
“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,” says Verizon chairman and CEO Lowell McAdam.
The deal is expected to be completed in the fourth quarter of 2016 or early 2017, with Yahoo7 in Australia and New Zealand continuing on with business as usual until the transaction is completed.
Yahoo7 released a statement following the announcement revealing it would remain focused on innovation in mobile, video, native and social and will "continue to deliver outstanding experiences for our audiences".
