Verizon nears deal to acquire Yahoo for $5 Billion

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Verizon, long considered front-runner in the Yahoo asset sweepstakes, is closing in on a deal to take over the troubled Internet pioneer for about $5 billion.

The deal, which could come as early as next week, would conclude a months-long process to find a buyer of Yahoo’s core Internet business and end its status as an independent company. Negotiations are in advanced stages, a person with knowledge of the talks told the New York Times.

 

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Verizon, scheduled to report financial results on Tuesday, has been the leading contender for Yahoo in a field of potential suitors that include AT&T, private equity firms and a group led by Quicken Loans co-founder Dan Gilbert, who has the backing of billionaire investor Warren Buffett’s company, Berkshire Hathaway.

Each is sniffing around a collection of Yahoo properties — social network Tumblr, news and sports sites, email and search engine — used by hundreds of millions of people each month.

Analysts have viewed Verizon as most likely to acquire Yahoo because it bought AOL which, when combined with Yahoo, presents a more viable third option for digital advertisers after Google and Facebook.

 

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