Verizon announced Monday that it will buy Yahoo for nearly $5 billion, the second purchase of a major media company for Verizon in just a little over a year.
Under the $4.83 billion sale, expected to close in early 2017, Yahoo will change its name and be integrated with AOL, which Verizon bought in June 2015.
The purchase will give Verizon another tool in its media portfolio and extend Verizon's reach to more than 1 billion users, according to a company press release.
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After the sale, Verizon will be able to target more users with tailored advertisements.
“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," Verizon chairman and CEO Lowell McAdam said in the press release.
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