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Verizon 'Just Got One Step Closer' To Acquiring Yahoo's Assets

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Verizon 'Just Got One Step Closer' To Acquiring Yahoo's Assets
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The New York Post reported Wednesday evening that Verizon Communications Inc. (NYSE: VZ) is "one step closer" to acquiring Yahoo! Inc. (NASDAQ: YHOO)'s Internet properties.

The New York Post, citing its sources, noted that Yahoo's recent agreement with activist investor and major shareholder Starboard Value could "smooth the path" for a sale of the company's core assets to Verizon.

As part of the agreement, Yahoo appointed 4 of Starboard Value's slate of directors, including the fund's CEO and Chief Investment Officer Jeffrey Smith.

Related Link: Jim Cramer Suggests Yahoo No Longer In 'Disarray' After Reaching Agreement With Starboard

"Jeff has a lot of money wrapped up in Yahoo," one investor told the Post. "I don't think he would have settled [for four board members] if it wasn't going to go the way he wants it to go."

The New York Post added that its sources suggested Yahoo's revamped board of directors is more stable and could help potential bidders for the internet assets to be more comfortable.

"They won't be thinking they're going to be hassled by a new board. It's a potential issue off the table," the publication's sources also said.

Shares of Yahoo were trading higher by more than 0.70 percent Thursday morning.

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