Verizon near closing US$5bn Yahoo deal: reports

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Verizon near closing US$5bn Yahoo deal: reports

Telecom giant Verizon, for the past several months rumored to be a potential Yahoo suitor, may be getting ready to close the deal and acquire the web giant, according to sources familiar with the matter.

Verizon and Yahoo reportedly are in pricing talks. Verizon could walk away with Yahoo's core internet business for close to US$5 billion, according to a report by Bloomberg.

While speculation around which company would acquire Yahoo has been persistent since the internet company put itself up for sale months ago, Verizon has been considered to be one of the front-runners. According to The New York Times, final bids for Yahoo were due Monday. Verizon reportedly submitted a bid for Yahoo's internet business earlier this week.  

Verizon declined to comment any acquisition plans when reached for comment by CRN USA.

AT&T has also been rumored to be interested in acquiring Yahoo, as were several private equity firms.

Verizon bought AOL last year for US$4.4 billion for its video, mobile and advertising strengths, Marni Walden, Verizon's president of product innovation and new businesses, said at the time of the acquisition.

Industry analysts say that Verizon’s AOL assets could work alongside Yahoo’s internet assets. Yahoo’s base of millions of users through a collection of websites that the provider owns, including Flickr, Tumblr and Yahoo Finance and Sports, could help Verizon go up against the likes of Google and Facebook in mobile advertising.

Verizon is scheduled to report its second-quarter 2016 earnings Tuesday.

This article originally appeared at crn.com

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