Verizon to acquire Yahoo's operating business / Transaction will create a new rival in mobile media technology reaching over 1B users* with a roster of the world's most beloved brands

BASKING RIDGE, N.J., and SUNNYVALE, Calif. (ots) - Verizon
Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO)
today announce they have entered into a definitive agreement under
which Verizon will acquire Yahoo's operating business for
approximately $4.83 billion in cash, subject to customary closing
adjustments.

Yahoo informs, connects and entertains a global audience of more
than 1 billion monthly active users** - including 600 million monthly
active mobile users*** through its search, communications and digital
content products. Yahoo also connects advertisers with target
audiences through a streamlined advertising technology stack that
combines the power of their data, content and technology.

Lowell McAdam, Verizon Chairman and CEO, said: "Just over a year
ago we acquired AOL to enhance our strategy of providing a
cross-screen connection for consumers, creators and advertisers. 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."

Yahoo will be integrated with AOL under Marni Walden, EVP and
President of the Product Innovation and New Businesses organization
at Verizon.

Marissa Mayer, CEO of Yahoo, said: "Yahoo is a company that has
changed the world, and will continue to do so through this
combination with Verizon and AOL. The sale of our operating business,
which effectively separates our Asian asset equity stakes, is an
important step in our plan to unlock shareholder value for Yahoo.
This transaction also sets up a great opportunity for Yahoo to build
further distribution and accelerate our work in mobile, video, native
advertising and social."

Mayer added, "Yahoo and AOL popularized the Internet, email,
search and real-time media. It's poetic to be joining forces with AOL
and Verizon as we enter our next chapter focused on achieving scale
on mobile. We have a terrific, loyal, experienced and quality team,
and I couldn't be prouder of our achievements to date, including
building our new lines of business to $1.6 billion in GAAP revenue in
2015. I'm excited to extend our momentum through this transaction."

Tim Armstrong, CEO of AOL, said: "Our mission at AOL is to build
brands people love, and we will continue to invest in and grow them.
Yahoo has been a long-time investor in premium content and created
some of the most beloved consumer brands in key categories like
sports, news and finance."

Under Armstrong, AOL has invested in and grown global premium
brands, including The Huffington Post, TechCrunch, Engadget, MAKERS
and AOL.com, and market-leading programmatic platforms -- including