Yahoo To Merge With AOL – American mobile operating giants Verizon have confirmed their purchase of web giants Yahoo! for a $4.83bn fee.
Verizon will take over all of Yahoo!’s web operations, including its advertising, content, search and mobile operations, and will merge them with its AOL network. Over 200 million people use the Yahoo! email network monthly, and has huge following on its news and sports websites. It also owns social networks Tumblr and Flickr.
In a statement, AOL CEO Tim Armstrong says that the buyout “will create a new powerful competitive rival in mobile media, and an open, scaled alternative offering for advertisers and publishers.”
The deal is expected to be completed by the first quarter of 2017, with Yahoo continuing to “offering and improving its own products and services for users, advertisers, developers and partners” in the meantime.
Yahoo’s chief executive, Marissa Mayer is expected to receive about $57 million in compensation from the deal, according to Equilar, a compensation research firm.