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Yahoo! Finally Sells to Verizon for $4.8 Billion

Verizon Communications (VZ) confirmed Monday it was buying Yahoo!'s ( YHOO) core assets for $4.8 billion in cash to build an online media and advertising technology giant.

The deal comes after a long auction process that began on Feb. 3, when the struggling Internet company announced that it would explore strategic alternatives for its core assets.

Yahoo! will join Verizon's AOL division. The New York-based company acquired AOL in May 2015 for $4.4 billion, and CEO Tim Armstrong continues to lead the unit. The Yahoo! deal is intended as a springboard to build the digital media juggernaut Armstrong has long sought to combat the dominance of Alphabet's ( GOOGL) Google and Facebook ( FB) .

Since joining Verizon, AOL has made several acquisitions, including paying $248 million for advertising technology provider Millennial Media.

According to media reports, the final bidders were private-equity firm TPG Capital and Quicken Loans founder Dan Gilbert. The latter had financial backing from Berkshire Hathaway BRK.B CEO Warren Buffett.

Bidders that weighed offers or dropped out in earlier rounds reportedly included Google, Daily Mail & General Trust, Time ( TIME) , Yellow Pages publisher YP Holdings (backed by Cerberus Capital Management), Bain Capital and Vista Equity Partners.

CEO Marissa Mayer joined Yahoo! four years ago to great fanfare. Her strategy to turn around the tech company, now 22 years old, relied on the so-called MaVeNS, or mobile, video, native advertising and social. In addition, she spent over $2 billion on acquisitions, most notably shelling out $1.1 billion for Tumblr Inc. in 2012.

The strategy has failed...