Verizon Communications Inc. is officially buying Yahoo Inc. for $4.8 Billion in cash, subject to customary closing adjustments. While the deal is not final yet but reports suggest that both groups have closed the deal and an announcement is expected in next couple of days.

Verizon, one of the largest US wireless carrier, is actively looking to buy internet properties from the past few years. Two years ago Verizon bought Intel media and last year bought AOL for $4.4 billion.

Yahoo connects and entertains a global audience of more than 1 billion monthly active users including 600 million monthly active mobile users through its search, communications, digital content products and advertising.

Verizon already has more than 35 subsidiaries and if this deal is finalized Verizon will become one of the largest iconic web properties of this age.

Verizon seems to compete Alphabet Inc, the company that owns Google, to become one of largest online property owner.

“Just over a year ago we acquired AOL to enhance our strategy of providing a cross-screen connection for consumers, creators and advertisers. 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

Yahoo, which once a enjoyed glory in early days, now seems to failing for it revival. Yahoo’s controversial CEO, Marissa Mayer, tried to revive Yahoo several times but failed badly.

“Yahoo is a company that has changed the world, and will continue to do so through this combination with Verizon and AOL. The sale of our operating business, which effectively separates our Asian asset equity stakes, is an important step in our plan to unlock shareholder value for Yahoo. This transaction also sets up a great opportunity for Yahoo to build further distribution and accelerate our work in mobile, video, native advertising and social.” Marissa Mayer, CEO of Yahoo

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