Verizon chief executive Lowell McAdam said Yahoo would be integrated into its recently acquired AOL unit to create “a top global mobile media company.”
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Verizon Communications Inc. said Monday it would buy Yahoo Inc.'s core internet properties for $4.83 billion in cash to expand its digital advertising and media business, ending a protracted sale process for the fading web pioneer.Verizon could combine data from AOL and Yahoo users in addition to its more than 100 million wireless customers to help advertisers target users based on online behavior and preferences.Shares of Verizon dipped 0.4 percent to $55.88; Yahoo fell 2.6 percent to $38.37 .With AOL and Yahoo, Verizon would still be far behind internet juggernauts Google and Facebook.The Verizon deal would transform Yahoo into a holding company, with a 15 percent stake in Chinese e-commerce company Alibaba Group Holding Ltd. and a 35.5 percent interest in Yahoo Japan Corp. as well as Yahoo's convertible notes, certain minority investments and Yahoo's noncore patents.Yahoo executives said the remaining company is structured to "indefinitely" hold its Yahoo Japan and Alibaba shares.
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