The company is moving to profit as ad spending shifts to online and mobile.
Verizon head of new businesses, Marni Walden, pictured here with Jennifer Lopez at a company event, was a driving force in the Yahoo deal.
Photographer: Getty Images
The No. 2 telecom carrier in the U.S. has spent more than $10 billion on digital acquisitions since 2015, as it searches for growth now that everyone in the U.S. who wants a cell phone has one.
Verizon Communications is buying Yahoo!’s web businesses for $4.8 billion in a deal Chief Finance Officer Fran Shammo called “a small acquisition for a company our size.”
Verizon signed up 615,000 monthly mobile subscribers in the second quarter, down more than 40 percent from a year ago.
The company is positioning itself to profit from the accelerating shift in advertising spending from TV to online and mobile.