Verizon has agreed to buy online portal Yahoo Inc. for roughly $5 billion, according to multiple media reports, each citing a single unnamed source.
The deal is expected to be formally announced Monday before markets open, the reports said.
Verizon had emerged in recent days as the front-runner for the beleaguered Internet company.
Yahoo, under pressure from shareholders fed up with a downturn in the company’s revenue during the past eight years, is expected to sell its email service and news, finance and sports websites in addition to its advertising tools.
The deal is likely to end the four-year reign of Yahoo Chief Executive Marissa Mayer, a former Google executive who flopped in her attempts to turn around the Sunnyvale, Calif., company.
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