Major US telecommunication company, Verizon has announced that they will be taking over Yahoo's core internet business (which includes things like Yahoo Mail, Tumblr and Flickr) and also Yahoo's real estate around the world. The deal will cost Verizon Communications $4.8 Billion this sale only includes Yahoo's core assets while their stake in Alibaba and Yahoo Corp Japan will stay with the shareholders of Yahoo.

Once the deal completes, Verizon plans  to combine the best of Yahoo and AOL into a single entity. Verizon bought over media company AOL last year with the mindset of increasing their presence in the digital media world. In case you don't know, AOL is the company behind sites like Engadget, TechCrunch and Huffington Post.

ORIGINAL SOURCE: RECODE