As we reported earlier today, Yahoo has confirmed it is selling its core internet business to US mobile network Verizon, effectively ending the company's operations as an internet brand after 22 years of business.
The sale was confirmed by CEO Marissa Mayer, who shared an email that had been sent to staff members earlier today informing them of the sale. The statement also confirmed the financial aspects of the sale, with the acquisition costing Verizon $4.83bn (£3.68bn) in cash.
“Yahoo is a company that has changed the world, and will continue to do so through this combination with Verizon and AOL," said Marissa Mayer, CEO of Yahoo "The sale of our operating business, which effectively separates our Asian asset equity stakes, is an important step in our plan to unlock shareholder value for Yahoo.
"This transaction also sets up a great opportunity for Yahoo to build further distribution and accelerate our work in mobile, video, native advertising and social. Yahoo and AOL popularized the Internet, email, search and real-time media. It’s poetic to be joining forces with AOL and Verizon as we enter our next chapter focused on achieving scale on mobile.
"We have a terrific, loyal, experienced and quality team, and I couldn’t be prouder of our achievements to date, including building our new lines of business to $1.6bn in GAAP revenue in 2015. I’m excited to extend our momentum through this transaction."
"Just over a year ago we acquired AOL to enhance our strategy of providing a cross-screen connection for consumers, creators and advertisers," said Lowell McAdam, CEO and chairman of Verizon. "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."
"Our mission at AOL is to build brands people love, and we will continue to invest in and grow them," said Tim Armstrong, CEO of Verizon's AOL business, and one of the architects of the deal. "Yahoo has been a long-time investor in premium content and created some of the most beloved consumer brands in key categories like sports, news and finance."