Verizon Buys Yahoo For $4.8 Billion

New York-based Verizon Communications Inc. is finalizing a $4.8 billion deal to buy web giant Yahoo Inc. According to the Wall Street Journal, Verizon is set to announce the deal as early as Monday, July 25. The deal would include Yahoo’s core internet business. Yahoo would be able to make more money on the sale of it’s real estate, patents and non-core assets. Verizon, who just settled a strike with its employees on June 1, would expand its empire with the addition of Yahoo. The 45-day strike drew support for the CWA from celebrities and political figures.

Democratic party Sen. Bernie Sanders joined strikers on the picket line to encourage them to stand up for their demands in the strike. Former Secretary of State Hillary Clinton gave words of encouragement for strikers from the campaign trail. Settling the strike ended the media frenzy and gave Verizon positive press focused on its operations and expansion plans.

The telecommunications giant has been pushing its FiOS fiber optic-based TV and internet platform while continuing to make infrastructure investments in New York City and around the country.

The company previously announced it is working with the city of Boston to rebuild its aging technology infrastructure. Boston Mayor Martin J. Walsh announced that the city will gain new copper infrastructure and fiber optic technology installed by Verizon. As a part of the deal, the telecommunications giant will invest $300 million to complete the upgrades in Boston over a six-year period. In 2016 the process will start in selected areas including  Dorchester, West Roxbury and the Dudley Square neighborhood of Roxbury.