Verizon announced today that it will acquire Yahoo in a $4.83 billion deal, in cash. As part of the deal, Verizon will acquire Yahoo’s operating business, according to the press release.

The press release goes on to explain how Yahoo will be integrated with AOL, which Verizon acquired in May 2015. “The acquisition of Yahoo will put Verizon in a highly competitive position as a top global mobile media company, and help accelerate our revenue stream in digital advertising,” Lowell McAdam, Verizon chairman and CEO, said in the press release.

According to the Los Angeles Times, the sale “does not include the company’s cash, its shares in Alibaba Group, its shares in Yahoo Japan or its non-core patents.” The article goes on to say that Yahoo will operate independently until the first quarter of 2017, which is when the deal is expected to close.

In 2008, Microsoft offered $45 billion to buy Yahoo, however, Yahoo turned it down. In 2002, Yahoo also had the opportunity to purchase Google for $5 billion, but turned that offer down as well.

“Yahoo has been a long-time investor in premium content and created some of the most beloved consumer brands in key categories like sports, news and finance,” Tim Armstrong, CEO of AOL, said in Verizon’s press release, adding, “We have enormous respect for what Yahoo has accomplished: this transaction is about unleashing Yahoo’s full potential, building upon our collective synergies, and strengthening and accelerating that growth. Combining Verizon, AOL and Yahoo will create a new powerful competitive rival in mobile media, and an open, scaled alternative offering for advertisers and publishers.”

In a post on Tumblr, Yahoo’s CEO Marissa Mayer shared an email she sent to all fellow Yahoos around the world. She reflected on what Yahoo has accomplished over the years, which included expanding their mobile user base and improving their advertiser products. “It’s because of that hard work and resilience, that Yahoo will realize amazing opportunities in its next chapter,” Mayer wrote.

Amid talks of Yahoo being sold earlier this year, Mayer stood to make nearly $55 million in severance benefits, however, in the email, she indicated she would be staying with Yahoo. “I’m incredibly proud of everything that we’ve achieved, and I’m incredibly proud of our team. For me personally, I’m planning to stay. I love Yahoo, and I believe in all of you. It’s important to me to see Yahoo into its next chapter.”

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