Verizon Agrees to Buy Yahoo for About $5 Billion

(NEW YORK) — [f500link]Verizon[/f500link] has agreed to buy online portal Yahoo Inc. for nearly $5 billion, the companies announced Monday.

Verizon will acquire Yahoo’s operating business for about $4.83 billion, according to the telecommunications company. The deal "will put Verizon in a highly competitive position as a top global mobile media company" and help accelerate its revenue stream in digital advertising, Verizon Chairman and CEO Lowell McAdam said in a statement.