Yahoo's core operations were sold for $4.83 billion.

Yahoo, which had reportedly been in talks with Verizon, has sold its core operations. U.S.-based telecommunications and technology giant Verizon Communications released an official statement regarding the matter. The statement confirmed that Verizon acquired Yahoo’s search and advertising businesses for $4.83 billion. Yahoo had announced last week that it posted a $440 million loss in the second quarter of this year. Meanwhile, Verizon had previously acquired the internet company America Online (AOL) last year for $4.4 billion.

Marissa Mayer, who has served as Yahoo’s CEO since July 17, 2012, previously worked as a spokesperson and senior executive at rival company Google.

FELL BEHIND GOOGLE AND FACEBOOK

Failing to meet expectations in the online advertising market, the company appointed Marissa Mayer as CEO following a leadership change. However, despite this shift, Yahoo was unable to increase its revenues, falling behind social media giant Facebook and internet leader Google in the mobile advertising market.

"SHE WILL RECEIVE A FORTUNE IF SHE SELLS YAHOO"

According to a document leaked in recent months, it was claimed that Yahoo CEO Marissa Mayer would be entitled to receive $37 million in compensation if she successfully sold the company and was subsequently dismissed from her position.