Belfast Telegraph

US telecoms firm agrees to buy Yahoo

By Ken Sweet

US telecoms firm Verizon has agreed to buy online portal Yahoo for roughly US$5bn (£3.81bn), according to reports.

Verizon had emerged in recent days as the frontrunner for the beleaguered internet company.

Yahoo is expected to sell its email service and news, finance and sports websites and advertising tools as shareholders tired of a downturn in its revenue during the past eight years.

After the sale is completed, Yahoo will become a holding company for its two stakes in China's e-commerce leader, Alibaba Group, and Yahoo Japan.

Belfast Telegraph