US telecoms giant Verizon will today announce its plan to buy Yahoo’s core assets for a pitiful $4.8 billion (£3.6bn) according to “two people with direct knowledge of the situation,” Bloomberg reports. Considering that at the peak of its success, Yahoo was valued at $125 billion (£95bn), this is yet another benchmark moment in the company’s fall from grace. In 2008, the company rejected Microsoft’s buyout offer of $44 billion (£35bn).
Since this is just the sale of Yahoo’s core assets, the company will still have its Alibaba stake and Yahoo Japan Corp, which Bloomberg estimates is worth over $40 billion (£30bn).
CEO Marissa Mayer is expected to resign, and while she might feel embarrassed about her failures as CEO, she stands to make a nice $57 million (£43m) in severance, according to the New York Times. [Bloomberg, New York Times]