Struggling tech giant will be acquired by Verizon for $4.83 billion
Yahoo has been looking for a buyer for the past few years as it has continually continued to struggle to be profitable. There has been various bids and it seems Verizon has emerged winner.
Yahoo CEO, Marissa Meyer.
Verizon will be acquiring Yahoo's search and advertising business for $4.8 billion. Wall street pundits had expected Yahoo's earnings call on Thursday last week to be the company's final one as a complete entity.
In recent years, Yahoo has struggled to be profitable. During its earnings call last week, it reported a $440 million loss in the second quarter. Tumblr, which Yahoo acquired a few years ago for about $2 billion has also struggled to make money.
ADVERTISEMENT
The price for the deal is way below the $125 million which was Yahoo market capitalization at the height of the dot com boom. "We expect any offer in the range of $5-plus billion should be accepted by the Yahoo board to bring the process to a close," wrote BGC analyst, Colin Gillis, recently.
Verizon also owns AOL and when the deals is final, Yahoo is expected to be merged with AOL to create a company that should be able to take on bigger companies like Google and Facebook.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
New twist as police detain Yahaya Bello's ADC, security detail for aiding his escape
We’re not stopping - Onakoya extends Guinness World record chess marathon target by 2 hours
'We have done it': Tunde Onakoya reaches 58-hour mark chess marathon
Forgive me my papa - Self-acclaimed Hausa traditional ruler kneels to beg Oba of Benin
Fubara grows Rivers IGR by over 100%, less than 1 year after Wike's tenure
Plateau University suspends exams over killing of student
Nigeria laughing stock of the rest of the world due to insecurity - TY Danjuma
APC group claims Tinubu’s initiatives stimulating economic recovery
Plateau Gov urges calm after attack that led to death of 200-level PLASU student
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT