US telecoms giant Verizon has reportedly clinched a deal to acquire Yahoo's core internet operations for $4.8 billion and combine its operations with long-time Yahoo rival AOL.
Yahoo's board agreed on Sunday to sell the company's core operations and land to Verizon, sources toldthe New York Times.
Following the sale Yahoo will be left with around $41 billion worth of investments in Alibaba, Yahoo Japan and a modest patent portfolio.
Verizon reportedly plans to use Yahoo's content and its advertising technology to be able to offer a wider range of services to customers and advertisers. The deal builds on Yahoo's acquisition of AOL, a former dial-up ISP turned digital media company, for $4.4 billion in 2015.
Once one of he largest internet companies in the world with a peak value of over $125 billion, Yahoo steadily lost out to Google, Facebook and other competitors as it struggled to transform to adapt to the era of social media.
Yahoo's efforts to restore its former glory by transforming into a content company never fully bore fruit.
The company turned down a $44.6 billion takeover from Microsoft in 2008, and appointed high-profile CEO Marissa Mayer in 2012.
But certain investors were skeptical over whether her turnaround plan was working and began pushing for a sale of Yahoo's core business to focus on its investment in Alibaba.