Verizon Wireless has recently announced this week that it had managed to close its $4.48 billion buyout of Yahoo, amidst a lengthy and at times tricky negotiation phase replete with shareholder spats and breaches of security. As Yahoo moves on to a whole new chapter (where it is no longer an independent business entity), Marissa Mayer, the chief executive officer of the Internet giant, has chosen to step down, announcing the decision on Tumblr.
Yahoo will soon officially be owned by the biggest wireless carrier in the United States. Both Yahoo and Verizon Wireless announced the deal following a bidding process that spanned several months. The Big Red will be paying cash amounting to $4.83 billion in exchange for Yahoo’s core web businesses, which include familiar brands such as Yahoo Mail, Fantasy Sports, Flickr, and of course Yahoo’s search engine, plus the Internet company’s advertising tech. Note that the sale does not include Yahoo’s shares in Alibaba Group Holdings or its shares in Yahoo Japan.
Fresh from acquiring AOL for $4.4 billion last month, Verizon Wireless recently reported its earnings for the second quarter of 2015. The biggest wireless carrier in the United States posted revenues amounting to $32.2 billion, with earnings per share (EPS) at $1.04. Industry watchers had anticipated the carrier to post revenues of $32.45 billion, with earnings per share at $1.01 -- which means that Verizon Wireless just about met expectations while surpassing the projected EPS.
Verizon Wireless has finally done it. America's biggest major wireless carrier has officially completed its acquisition of AOL for $4.4 billion. Once one of the most significant early pioneers in popularizing Internet services, AOL now becomes a subsidiary of Verizon Communications, the parent entity of Verizon Wireless.
AOL may now be taking on a subsidiary role under the Verizon group, but the deal could be considered a victory of some sort for AOL. The company had been dangerously close to becoming a forgotten brand in wireless in recent years. It was only through the efforts and leadership of Tim Armstrong, AOL's Chief Executive, that the company was turned into a good target for prospective buyers.
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