Yahoo's long-running struggle to reinvent itself is coming to an end today. Telecom giant Verizon is taking most of the iconic internet company under its wing for $4.8 billion, and it plans to meld the property with its AOL subsidary when the acquisition is complete. That means popular websites like Flickr, Tumblr, and a variety of Yahoo-branded portals will now be under the same roof as Engadget, the Huffington Post, and TechCrunch.
According to Yahoo Finance, Verizon isn't getting Yahoo's 15% stake in Chinese e-commerce giant Alibaba, its shares of Yahoo Japan, its patent portfolio, or its cash on hand as part of the bargain. Those parts of the business will remain with the shell of Yahoo after the transaction closes, and that portion of the business will continue as a "registered, publicly traded investment company" under a new name once the Verizon deal is complete. That business will distribute the cash of the former Yahoo back to investors at some point after the deal is done.
For its billions, Verizon is getting a basket of sites that still attracts over a billion active users per month. Users also maintain over 225 million email accounts through Yahoo Mail. Yahoo Finance reports that CEO Marissa Meyer will stay on the company's board after the acquisition.