Market Overview

Report: Verizon's Tim Amstrong Given 'Leading Role' In Evaluating Yahoo's Assets For A Potential Bid


Verizon Communications Inc. (NYSE: VZ) has tasked Tim Armstrong, CEO of its AOL unit, a "leading role" in evaluating a potential acquisition of Yahoo! Inc. (NASDAQ: YHOO)'s internet assets, according to Bloomberg.

Citing "a person with knowledge of the situation," Bloomberg reported that Verizon has been eyeing some of Yahoo's assets since at least December. However, the publication added that the company hasn't hired bankers or advisers and no formal talks have taken place.

Armstrong controls AOL as a semi-autonomous unit after Verizon finalized its acquisition of the company in May 2015. Armstrong also helped Verizon in its $250 million acquisition of Millennial Media, an advertising technology specialist.

Bloomberg added that Yahoo's more than 1 billion user base across its e-mail, finance, sports and video properties represents a "prized asset" to combine with AOL's 2 million users and Verizon's 112 million wireless subscribers.

Both Armstrong and Yahoo CEO Marissa Mayer, were executives at Alphabet Inc (NASDAQ: GOOG)'s Google.

Shares of Yahoo hit a new 52-week low of $26.48 on Monday and was trading lower by nearly 4 percent. Verizon's stock was trading lower by 1.02 percent at $50.45.

Posted-In: AOL Bloomberg Millenial Media Tim ArmstrongNews Rumors Movers Tech


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