Verizon to buy Yahoo for R69 billion: report

Yahoo’s board has accepted an offer from US telecommunications company Verizon to buy the ailing Internet company for $4.8 billion, according to reports.

Citing research firm Equilar, the New York Times reported that Yahoo CEO Marissa Mayer could receive a severance package worth about $57 million.

This is after receiving cash and stock worth $218 million during her tenure as CEO.

While the terms of the deal aren’t official, the New York Times reported that the Alibaba shares Yahoo holds, worth $41 billion, will remain in the hands of its current shareholders.

Shareholders will also keep Yahoo Japan and a small patent portfolio.

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Verizon to buy Yahoo for R69 billion: report