Apr 12, 2016 02:18 AM EDT

Yahoo Sale News: Verizon Aiming To Buy Company And Kick Out Marissa Mayer?

Recent Yahoo sale news revealed that Verizon may be planning to kick out Marissa Mayer if it succeeds in buying the company. The telco will be making their bid this week.

Vanity Fair reported that Verizon is planning to bid on Yahoo's core Internet business such as mail services, search features and news websites. The company is also believed to be bidding for a stake in Yahoo Japan.

Apparently, the telecommunications giant values Yahoo's Internet business at less than $8 billion. Moreover, if Verizon succeeds in purchasing the company, Marissa Mayer may find herself being booted out.

The publication noted that AOL boss Tim Armstrong and executive vice president Mari Walden will be replacing Mayer. They will reportedly run both Yahoo and AOL.

Previous Yahoo sale news has revealed that the deadline for the bids has been extended until Apr. 18. A deal is expected to come about by June or July this year.

Verizon and Comcast are believed to be on the shortlist. Furthermore, Alphabet Inc.'s main division, Google, is believed to be considering a bid for Yahoo's core business.

AT&T Inc. and Comcast are said to have decided against bidding as well as Microsoft Corp., which lost a bid for the company in 2008. Time Inc. is still in the evaluation stage while private equity funds companies such as Bain and TPG are believed to have plans to make a run at the business.

According to CNBC, value investor Mario Gabelli has revealed that he is in support of Verizon's buyout of Yahoo's core Internet business. "This is pretty simple. It's basically Investment Banking 101," he admitted.

Gabelli added that the deal makes sense since it follows Verizon's purchase of AOL worth $4.4 billion last year. Lowell McAdam, Verizon's chairman and CEO, has said that Yahoo would be a good fit for the AOL umbrella "at the right price."

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