Report: Verizon Close To Finalizing $5B Deal To Buy Yahoo

Image courtesy of Morton Fox

Following three rounds of bidding from suitors across the board, Yahoo is reportedly ready to crown a victor in the auction of its core internet business. And rumor has it the winner is Verizon. 

Bloomberg, citing sources close to the matter, reports that Verizon is in talks to complete the purchase of Yahoo’s search, mail, and news sites to the tune of a $5 billion deal.

An official announcement of the deal could come in the next few days, sources say, noting that because it hasn’t been finalized yet, the plan could fall apart.

Neither company provided comment on the supposed one-on-one discussions.

Verizon has long been thought to be the front-runner for Yahoo’s business, having reportedly participated in all three bidding sessions, supposedly putting $3 billion on the line. The sources previously said that Verizon is most interested in Yahoo’s ad tools.

A finalized deal would just be the latest in Verizon’s bid to collect ’90s web relics. Last year, the company completed the $4.4 billion acquisition of AOL.

Yahoo’s road to a sale began back in December when the company’s board began to weigh the option of selling its many online properties, possibly to private equity firms.

The current auction process was initiated in February when Yahoo ditched plans to spin-off its stake in Alibaba. The company began taking bids in April.

Verizon Nears Deal to Acquire Yahoo [Bloomberg]