Verizon Rumored To Bid $3 Billion For Yahoo

New York-based Verizon Communications Inc. wants to buy struggling tech giant Yahoo Inc. According to the Wall Street Journal. Verizon is set to submit a $3 billion bid to take control of Yahoo. 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 does have some competition in the bidding war. According to sources close to WSJ, private equity firm TPG and a group led by Quicken Loans founder Dan Gilbert are among other companies interested in buying Yahoo.

Verizon, who just settled a strike with its employees on June 1, would expand its empire with the addition of Yahoo. 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.