Yahoo and Verizon announced this morning that Big Red is acquiring the struggling tech giant for $4.83 billion. The move will push Yahoo under AOL, another former tech darling that Verizon picked up within the past year. Verizon and Yahoo hope to close the all-cash deal by Q1 of 2017.
So what does this mean for Yahoo products, like email, sports, finance, and Tumblr? They are all coming along for the ride to Verizon and AOL. From what I can tell, neither company said anything other than that those services will continue on.
The goal here is more than likely to see if AOL CEO Tim Armstrong can build on a massive ad network to rival Google’s. Or maybe, Verizon is really big fans of purple?
If interested in deeper press release details, hit up the source links below from each company.