Verizon’s Deal for Yahoo Finally Gets Shareholder Approval
Yahoo shareholders have approved the $4.48 billion sale of the company’s main web properties to Verizon Communications, clearing the last major hurdle for a deal announced almost a year ago.
The company said it expects to hand over its web assets to the telecommunications giant on June 13, according to a statement Thursday. The transaction had earlier been delayed by revelations of massive privacy breaches and a reduction in the price from $4.8 billion.
Yahoo CEO Marissa Mayer agreed to the sale last year after a four-year turnaround effort failed to stem a slide in advertising revenue. Verizon will seek to use Yahoo’s web audience to push deeper into content and expand beyond its central business of connecting people to the internet, cable channels and their smartphones. Yahoo will become part of a new Verizon unit called Oath that will include media content and digital services like email.
