Trying to buck the less-than-stellar track record of telecommunications companies successfully branching out beyond their proven fields of expertise, Verizon purchased Yahoo’s internet and search business for a cool $4.8 billion. Combined with its previous acquisition of AOL, Verizon seems to be making a serious attempt at becoming an online advertising and media titan.

“Just over a year ago we acquired AOL to enhance our strategy of providing a cross-screen connection for consumers, creators and advertisers,” Verizon CEO Lowell McAdam noted. “The acquisition of Yahoo will put Verizon in a highly competitive position as a top global mobile media company, and help accelerate our revenue stream in digital advertising.” According to reports, Verizon outbid a slew of other competitors, including AT&T, to nail down the purchase of the iconic internet company.

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