US telecom giant Verizon nears $5-billion deal to buy internet pioneer Yahoo Verizon Communications is nearing a deal to buy Yahoo, beating out rival bidders for the iconic web pioneer, people familiar with the matter said. NEW DELHI: 'Verizon is buying Yahoo for $4.83 billion, marking the end of an era for a company that once defined the internet. The sale announced Monday marks the second time in two years that Verizon has snapped up the remains of a fallen internet star as it broadens its digital reach. The nation's largest wireless carrier paid $4.4 billion for AOL last year.The acquisition ends a long-drawn auction process for the troubled internet company The acquisition of Yahoo adds another piece to the digital media and advertising business that New York-based Verizon is trying to build. Ex-Googler Mayer was hired to help the former internet giant regain its past glory.The deal is expected to allow Yahoo to separate its main assets from its holdings in Chinese internet giant Alibaba , which accounts for most of Yahoo's $37 billion market value.The exact terms of the acquisition are not clear so far.

Source: Times of India July 25, 2016 11:35 UTC