Verizon continued its march toward becoming a mobile media company today with the news that it will acquire Yahoo for $4.83 billion in cash. The telecom giant purchased AOL last year for $4.4 billion, and in the months since has signed a variety of video content deals designed to grow its digital advertising revenues.
“We knew when we bought AOL that that wasn’t the end of the story, there was more that we would want to do,” Verizon executive vice president Marni Walden, who leads product innovation and new business, tells Fast Company. She has been tasked by CEO Lowell McAdam with turning Verizon’s media efforts into a $5 billion-plus business. “We’re building something that we want to turn into a very large business. Getting audience and getting scale is critical.”