Business
Yahoo recently posted a sharp rise in its losses at $440 million; the deal will likely mean the end of CEO Marrisa Mayer's term, reports say.
Updated : Mar 22, 2018, 02:19 AM IST
Verizon Communications is all set to announce its decision to buy Yahoo's core business for $4.8 billion (nearly Rs 31,933.2 crore), Bloomberg reported, quoting unnamed sources. The deal comes at a time when uncertainty about the future of Yahoo was only getting stronger by the day.
Earlier this month, the once Internet-giant reported a $440 million (nearly Rs 2,930 crore) quarterly loss, up sharply from the $22 million (nearly Rs 146.36 crore) loss posted in the year ago period.
Speaking after the corporate result was made public, CEO Marissa Mayer said, "Our board has made great progress on strategic alternatives."
However, a Gizmodo report says, that the deal offer is pittance "considering that at the peak of its success, Yahoo was valued at $125 billion (nearly Rs 8.32 lakh crore)"
In February, Yahoo had announced that is was reviewing its strategic alternatives amid pressure from shareholders to salvage what was left of a company that was once a leader in the online space but has since been taken over by Google and Facebook, a PTI report dated July 19 said.
The deal announcement puts an end to months of speculation about the sale of Yahoo's core business. According to a Bloomberg report, the deal will add the company and its daily users to Verizon's and will end Mayer's term.