Verizon announced early Monday morning that it was going to purchase Yahoo for a whopping $4.8 billion. The sale will give Verizon access to Yahoo’s one billion monthly users.
Yahoo, once the dominant search engine and web portal, will end its 21 year history as an independent company.
Marissa Mayer took over as Yahoo CEO in 2012, promising to turn the company around. Following the Verizon buyout, it is yet to be determined whether she will keep her role as CEO. In an e-mail to Yahoo customers on Monday, Mayer wrote “I love Yahoo, and I believe in all of you. It’s important to me to see Yahoo into its next chapter.”
The purchase confirms Verizon’s domination of the mobile space, as they look to expand their influence. In May of 2015, the company announced it would be purchasing AOL, and will now merge Yahoo and AOL. The merger will allow Verizon more control over mobile advertising, which they had to outsource to Google and Facebook in the past.
“The acquisition of Yahoo will put Verizon in a highly competitive position as a top global mobile media company, and will help accelerate our revenue stream in digital advertising,” Verizon CEO Lowell McAdam said in a statement Monday.
Awaiting approval from its shareholder, Verizon plans to close the deal in the first quarter of 2017.