Verizon chief executive Lowell McAdam said Yahoo would be integrated into its recently acquired AOL unit to create "a top global mobile media company, and help accelerate our revenue stream in digital advertising".
The acquisition, expected to close in early 2017, will exclude Yahoo's cash, certain patent holdings, and its big share in China's Alibaba Group and stake in Yahoo Japan. The deal will leave Yahoo as a separate investment company that will change its name after the transaction.
Marissa Mayer, CEO of Yahoo, said in a statement: "Yahoo is a company that has changed the world, and will continue to do so through this combination with Verizon and AOL."
She added that the deal separates the core Yahoo business from its Asian asset equity stakes, and "is an important step in our plan to unlock shareholder value for Yahoo".
The deal comes with Yahoo, a one time leader in the online space, struggling to keep up with rivals like Google and Facebook.
Source: AFP
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