According to media reports, Yahoo has agreed to sell their core internet operations and land holdings to Verizon Communications for $4.8 billion.
According to Reuters, the transaction would boost Verizon's AOL internet business, which the company acquired last year 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.
Tim Armstrong, who heads up Verizon's AOL unit, is expected to be a key player in Yahoo’s future.
Apart from Verizon, other bidders for Yahoo's Internet business were said to include AT&T, buyout firms and Quicken Loans founder Dan Gilbert.
An official announcement is expected before the market opens Monday, according to multiple news outlets.