Verizon reported to purchase Yahoo for $4.8 billion →

Jonathan Shieber at TechCrunch:

According to reports that are starting to trickle in, Yahoo’s board has accepted the terms of the Verizon offer we reported last week.

The core assets of the company that started life in Jerry Yang and David Filo’s 1994 Stanford dorm room as “Jerry and David’s Guide to the World Wide Web” — and at one point was one of the highest valued properties on the internet — will now join another former high-flyer of the internet’s earliest days, Aol (full disclosure: the owner of TechCrunch), in the Verizon stable.

Like with its Aol purchase, I doubt Verizon’s long term plan here, but I’m far more worried thinking about Yahoo employees who will probably be let go as a result of the transition.

Update: It’s official.