According to the BBC, Verizon prevailed over rival bidders for Yahoo, including AT&T; a group led by Quicken Loans founder Dan Gilbert and backed by billionaire Warren Buffett; private equity firm TPG Capital; and a consortium of buyout firms Vector Capital and Sycamore Partners.
So what is next for Yahoo?
Yahoo will be combined with AOL, another faded internet star, which Verizon bought last year.
In Marissa Meyer’s words:
“Yahoo is a company that has changed the world, and will continue to do so through this combination with Verizon and AOL.”
Meanwhile, Verizon’s chairman and CEO Lowell McAdam said in a press release that the acquisition will put Verizon “in a highly competitive position as a top global mobile media company, and help accelerate our revenue stream in digital advertising,”
To think that Microsoft had offered $44bn for Yahoo in 2008.