US internet firm Yahoo will be sold to American telecoms giant Verizon Communications for nearly $5bn (£3.8bn) in cash. The deal, which does not include Yahoo's valuable stake in Chinese online giant Alibaba, is expected to close by the first quarter of next year. Verizon and Yahoo were reported on Friday to be in exclusive talks over a deal. Verizon said the deal for Yahoo, whose search engine and other sites have more than 1 billion monthly users, would make it a global mobile media company. It comes after Verizon bought AOL, another major internet name, in 2015.

Source: Dhaka Tribune July 25, 2016 11:37 UTC