After a months-long bidding process, Yahoo, a struggling internet company, announced Verizon would buy its core business, for $4.8 billion. Last year the telecoms giant paid $4.4 billion for AOL, another former internet darling. The merger gives Verizon more eyeballs to sell to digital advertisers; Marissa Mayer, who presided over much of Yahoo’s decline, is likely to depart.

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