Yahoo has sold its core assets for 4.83 billion dollars to US telecommunication giant Verizon.
The air of speculation was cleared on Monday, when CEO Marissa Mayer sent out an email to employees stating: "Yahoo is a company that changed the world. Before Yahoo, the Internet was a government research project. Yahoo humanized and popularized the web, email, search, real-time media, and more."
"Yahoo is a company that changed the world. Now, we will continue to, with even greater scale, in combination with Verizon and AOL".
The company, which came 22 years ago and shook up the tech world, suffered from time to time due to other competitors and lost ground as time went on.
What will the future of Yahoo look like now that Verizon has acquired a chunk of the company? According to CEO Lowell Mc Adam, Verizon is now going to focus on key assets such as Yahoo mail, editorial brands including finance, news and sports along with advertising products including Brightroll, Flurry and Gemini among others.
In a press release, McAdam stated, "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."
The development may lead to job losses for thousands of current Yahoo employees. As for existing Yahoo users, they can still use Yahoo services on a regular basis like their email service, fantasy football, Yahoo app for weather updates and more.