TOKYO—Internet portal Yahoo Japan Corp. and chat app Line said Monday they have reached a basic agreement to merge in a deal that includes buying out Line Corp.’s minority shareholders. Under the merger terms, a SoftBank Group Corp. subsidiary and Line parent Naver Corp. of South Korea will each hold 50% of a joint-venture company that in turn will control a holding company housing the operations of Yahoo Japan and Line. Media, including The Wall Street Journal, reported last week that the 50-50 arrangement was being studied.

Source: Wall Street Journal November 18, 2019 01:30 UTC