Jun 15, 2016 11:01 AM EDT

Yahoo Sale News: Verizon, AT&T To Compete For Final Bid

Recent Yahoo sale news revealed that Verizon and AT&T are competing for the final bid over the company's web assets. This will be the third round of bidding for the Internet giant.

Sources told Reuters that Verizon and AT&T will be facing off in the last round of bidding for the Yahoo sale. The Internet giant will be reaching out to participants as soon as possible to notify them on whether they made it to the next round.

It was reported that Verizon is challenging AT&T even though its latest offer was at the lower end of the $3.5 billion to $5 billion range during the second round of bids last week. Apparently, the Yahoo sale may be finalized by next month.

Verizon and AT&T will be joined by a consortium led by Quicken Loans Inc. founder Dan Gilbert. The group is also supported by Berkshire Hathaway Inc. chairman Warren Buffett.

Yahoo, Verizon and AT&T have not made any comments on the news. The two wireless carriers are believed to be interested in the Internet giant's advertising technology tools.

According to CNET, Verizon is primarily interested in the integration of Yahoo with AOL. The biggest wireless carrier in the U.S. bought AOL last year for $4.4 billion. This will help them in their efforts to increase their mobile video services and online advertising.

The Yahoo sale is focused on the company's core Internet business. This includes email, website and advertising technology. The Internet giant is also trying to sell other assets such as its patents and real estate holdings.

Moreover, it was said that AT&T and the group led by Gilbert each bid about $5 billion in the Yahoo sale. The offers included Yahoo's core Internet business and its patents as well as real estate assets.

It was previously reported that SoftBank has no plans to participate in the Yahoo sale. There were speculations that it will be using funds raised from its recent sale of Alibaba shares to buy assets from Yahoo Inc.

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