American media and telecoms giant Verizon will announce its plans to buy Yahoo! Inc. for about $4.8bn on Monday, said Bloomberg, quoting a person with direct knowledge of the situation.
"The takeover is expected to be announced before the market opens, "the person said according to Bloomberg. The person asked not to be identified because the information was not public.
The deal includes Yahoo real estate assets. Intellectual property assets are expected to be sold separately, the source said.
The deal is also likely to bring to an end the tumultuous reign of Yahoo chief executive Marissa Mayer, "who tried and failed to re-invent Yahoo as an independent company," said Bloomberg. Another report said it marked a "stunning fall" for Mayer.
The deal is set to end months of speculation over the fate of Yahoo after it began to explore strategic alternatives.
The deal will add the iconic web pioneer and its millions of daily users to Verizon’s growing stable of media properties, said Bloomberg.
Verizon spokesman Bob Varettoni declined by e-mail to comment. Yahoo spokeswoman Rebecca Neufeld didn’t immediately respond to a request for comment.
Yahoo will keep its stakes in Alibaba Group Holding Ltd. and Yahoo Japan Corp it is expected.