Verizon Communications buys Yahoo for $4.8bn

Verizon Communications on Monday confirmed reports that it will buy Yahoo's operating business for $4.8bn.

Yahoo will be integrated with Verizon's AOL business under Marni Walden, president of the product innovation and new businesses organisation at Verizon.

"The acquisition of Yahoo will put Verizon in a highly competitive position as a top global mobile media company, and help accelerate our revenue stream in digital advertising," said Verizon chairman Lowell McAdam.

The deal is expected to be complete in the first quarter of 2017, subject to approval by Yahoo’s shareholders and by regulators.

The announcement was expected with earlier reports saying the companies would announce the agreement before the start of New York trading hours on Monday.