Yahoo sold to US telecoms giant Verizon for $4.8 billion

Formerly a giant of the internet, Yahoo's services have been declining in recent years

US telecoms company Verizon has confirmed it's buying Yahoo for $4.8 billion dollars.

The legacy internet brand is going to become part of the AOL arm of Verizon, which they bought for $4.4 billion last year.

Verizon has bought Yahoo's core operating businesses, including email, search, and several news services.

Arguable, the main asset in the purchase is Yahoo's growing advertising business, which Verizon will combine with AOL's efforts to become one of the largest digital advertisers in the world, behind Google and Facebook.

Yahoo brings even more media and content outlets under Verizon's name, as AOL brought the Huffington Post and other major news sites to the telecoms giant. Yahoo News remains one of the the company's biggest draws.

Yahoo and AOL will merge under Verizon's Product Innovation and New Businesses wing.

Yahoo CEO Marissa Mayer has said she plans on staying on with the company. Some have blamed her for Yahoo's recent stagnation and lack of direction causing the company to be bought.