Yahoo's sale to Verizon finally ended its existence as an independent company. The demise of this once popular internet portal was caused by its failure come up with a better search engine than Google.
A few years ago, Yahoo even missed the chance of becoming a social network. Former Yahoo CEO Terry Semel offered to buy Facebook during his term, six years ago. His final offer for the purchase was $1 billion which was rejected. Had he offered more, the deal would have gone through, according to the Fulton Post News.
Observers believed that Yahoo would not have ended this way if it continued to develop its search engine. Google was still starting out as a company when it was hired to provide Yahoo's search engine. Semel tried to buy Google but balked again when he deemed the sales price to high.
In the span of two years, Google became the sought after search engine and also made more profits than Yahoo. By that time, shareholders are already aware that the company is in trouble. They handed the command to Jerry Yang, one of the founders of Yahoo.
Microsoft then offered to buy Yahoo for around $45 billion eight years ago. However, Yang turned down the offer which resulted in his ousting from the board. Two more chief executives were hired but left without making a positive impact in Yahoo's revenue.
The current and presumably last CEO is Marissa Mayer. Ironically, she was working for Google when she accepted the offer to head Yahoo. Observers believed she tried her best but many of the shareholders believed that a sale is the only way they could recover their investments.
Finally, Mayers bowed to their pressure and agreed to the sale of its physical assets to Verizon, according to an earlier iTEch Post. Verizon has reportedly bought Yahoo's physical asset for less than $5 billion.
