With much of its former glory gone, Yahoo is selling its core assets to Verizon for a mere $4.8 billion.
Verizon will soon be announcing its acquisition of Yahoo’s core assets for a mere $4.8 billion, a sad amount that the iconic company, once valued at $125 billion, is happy to settle for.
The sale only covers Yahoo’s core assets, which means the company will retain its stake in Alibaba and Yahoo Japan Corp., which is still estimated by Bloomberg to be worth $40 billion, reports Gizmodo.
Yahoo has a had a long history of missed opportunities that may have contributed to its current predicament. Back in 1997, it turned down the chance to buy Google, now valued at $530 billion, for a mere $1 billion and again in 2002.
It also passed up on buying Facebook for yet another $1 billion back in 2006. Facebook is now valued at $350 billion.
Current CEO Marissa Mayer, who took seat in 2012, was also unable to stop the corrosion that had eaten away at the company. During her time, Yahoo acquired 53 different companies of which 41 were eventually shut down.
Mayer is now expected to resign but is said to be taking home a very hefty severance pay of $57 million. Alfred Bayle