Verizon buys Yahoo for US $5 billion

It's an end of a long, grueling era for dot com pioneer Yahoo. The long suffering company was purchased for $5 billion in cash by Verizon who adds the search portal as another of its growing list of media properties under the AOL brand (which also owns Huffington Post, TechCrunch and Engadget). 

Yahoo's diverse core internet business which is made up of web properties like Yahoo Mail, Fantasy Sports, the photo storage site Flickr ,Yahoo search and Tumblr as well as the company's advertising technology are now all part of Verizon.

Marissa Mayer, Yahoo CEO said that, "Yahoo is a company that has changed the world, and will continue to do so through this combination with Verizon and AOL." Meyer, who was hired from Google in 2012, says she plans on staying on for the next phase of Yahoo's assimilation into Verizon.

Source: BBC