Marissa Mayer of Yahoo: We’ve just announced an agreement with Verizon to acquire Yahoo’s operating business

Yahoo’s CEO Marissa Mayer, has confirmed on Monday 25 that Verizon is buying out the company for US$4.83 billion. She also said that she has no plans of leaving the company. This move ends months of uncertainty about Yahoo’s future after the company announced plans to review strategic options in February. “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” Verizon’s CEO, Lowell McAdam said in a statement. In a letter on her Tumblr blog, Marissa Mayer explained the move: “Moments ago, we announced an agreement with Verizon to acquire Yahoo’s operating business.This culminates a rigorous, thorough process over many months, and yields a great outcome for the company.” Verizon has plans to merge Yahoo with AOL in an effort to expand Verizon’s AOL internet business. Marni Walden, Verizon’s President of Product Innovation and New Businesses, is said to be the one that will lead the combined Yahoo / AOL. Verizon, whose market capitalization stands at US$228billion, emerged since April as the front-runner in the auction to acquire Yahoo. The US$4.83 billion deal is far short from Yahoo’s past value, which once surpassed US$125 billion. The transaction comes after eight years of downturn in the company’s revenues.