Verizon, seeking to build an array of digital businesses that can compete for users and advertising with Google and Facebook, announced on Monday that it was buying Yahoo’s core internet business for $4.83 billion in cash.
The deal, which was reached over the weekend, unites two titans of the early internet, AOL and Yahoo, under the umbrella of one of the nation’s largest telecommunications companies. Verizon bought AOL for $4.4 billion last year. Now it will add Yahoo’s consumer services — search, news, finance, sports, video, email and the Tumblr social network — to a portfolio that includes AOL as well as popular sites like The Huffington Post.
Meanwhile locally Seven West Media, joint operator of Yahoo7, released this press release.
Seven West Media looks forward to discussing with Verizon Communications, the company’s future plans for Yahoo, Inc in Australia and any impact these may have on Yahoo7 in Australia and New Zealand. Seven West Media has a number of positive options that will define its future development and success in digital media, building on its already highly successful development over the past few years.
Translation: “Hey guys don’t forget us! We do stuff.”
With Yahoo’s real cash cow (it’s Alibaba holdings) not included in the deal it will be interesting to see what Verizon plans to do with satellite partnerships in the Asia Pacific region like that of Yahoo7.
I don’t know anyone that goes to Yahoo7 for anything but then I’m not in the Sunrise demographic either. Perhaps my Mum goes to it?
I just asked her. She doesn’t.
Source: Verizon Announces $4.8 Billion Deal for Yahoo’s Internet Business – The New York Times