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cLOUDig: Yahoo Inc bought for $4.8 Billion

Verizon has agreed to buy Yahoo Inc for $4.8 billion, according to multiple media reports.The deal is expected to be announced formally on Monday before markets open, the reports said.It will end months of uncertainty about Yahoo's future after the company announced plans to review strategic options in February.Verizon, whose market capitalization stands at $228 billion, emerged as the front-runner in the auction to acquire Yahoo since bidding began in April. The $4.8 billion deal is a far cry from Yahoo's past value, which once surpassed $125 billion.

The transaction comes as Yahoo found itself under pressure from shareholders fed up with a downturn in the company's revenue during the past eight years.Yahoo is expected to sell its email service and news, finance and sports websites in addition to its advertising tools. 

It would expand Verizon's AOL internet business, which the company acquired last year for $4.4 billion.

The sell would give Verizon access to Yahoo's advertising technology tools, as well as other assets such as search, mail, messenger and real estate.

Verizon, based in New York, is planning to keep the Yahoo brand, a source familiar with the plans told the Wall Street Journal.


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