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Meet the Verizon Woman Behind the Yahoo Deal

The transaction would boost Verizon's AOL internet business, which the company acquired a year ago for $4.4 billion, by giving it access to Yahoo's advertising technology tools, as well as other assets such as search, mail, messenger and real estate.

USA telecoms giant Verizon Communications Inc. has agreed to purchase the core web assets of Yahoo!, for around $4.8bn.

Yet Verizon seems determined to be more than just a carrier, and its deal for Yahoo and last year's acquisition of another internet pioneer, AOL, showed those ambitions. But after a sale process that dragged on for months, Verizon, long viewed as the frontrunner, is walking away with Yahoo's more than one billion monthly active users.

For Yahoo and its CEO Marissa Mayer, the Verizon deal represents a disappointing denouement to a multi-year attempt to turn around Yahoo's internet business, which has been ailing for almost a decade.

"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", said Verizon's Chairman and chief executive, Lowell C. McAdam. With the growth of post-2000 social media giants Facebook and Twitter, Yahoo struggled to maintain its premier status online.

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The sale does not include Yahoo's cash, its shares in Chinese e-commerce giant Alibaba Group Holding Ltd (BABA.N), shares in Yahoo Japan, Yahoo's convertible notes, certain minority investments or Yahoo's non-core patents.

Both were executives at Google for years and Armstrong tried unsuccessfully to convince Mayer to combine the two companies when they remained independent. Under its command, Yahoo will change its name and transition to become a publicly traded investment company. Verizon will add Yahoo to its portfolio of recently purchased media companies, including AOL. "We set out to create a stronger, more modern, version of Yahoo and that's very much happened", she said. Until then, Yahoo's operating business will continue to run independently.

Verizon said that pending approval from Yahoo's shareholders and regulators, it expects to complete the deal by the first quarter of next year. To an extent the rise of Google mirrored the decline of its older rival - from as early as 2000 searches of Yahoo's directory used Google's search engine, although Google only surpassed Yahoo in overall sales in 2005. She also said that she will be staying on at the company, though it is not clear what her role will be.

"For Verizon, the transaction makes the company much more important to the digital advertising industry", Pivotal Research analyst Brian Wieser said, estimating the combined company's gross ad revenue could be worth as much as $9 billion.

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