Sale expected to be confirmed today
Verizon is expeceted to confirm today it’s buying tech giant Yahoo in a $5bn (£3.8bn) deal.
The embattled tech giant reported a $99m loss in the three months to the end of April. Earlier this year it said it was cutting 15% of its staff after the company made a $4.4bn loss in 2015.
US telecoms giant is expected to snap up Yahoo’s advertising businesses, including its email service and news pages.
Verizon has made a series of aquisitions in a bid to strengthen its tech prowess. Last year, it bought AOL, which owns The Huffington Post, in a $4.4bn (£2.8bn) deal.
At the time, Verizon’s chairman and chief executive, Lowell McAdam, said: “Verizon’s vision is to provide customers with a premium digital experience based on a global multi-screen network platform.”
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