According to recent media reports, Verizon Communications has bought Yahoo for $4.83 billion in cash.

The deal does not include the Chinese e-commerce company, Alibabacom, but will give Verizon access to Yahoo's advertising technology tools and other assets such as search, mail and messenger.

Marissa Mayer, chief executive of Yahoo, said: "Yahoo is a company that has changed the world, and will continue to do so through this combination with Verizon and AOL."

“The sale of our operating business, which effectively separates our Asian asset equity stakes, is an important step in our plan to unlock shareholder value for Yahoo,” Mayer added.

A report on indicates that the two companies were in exclusive talks over a possible deal last week.

Many argue that Yahoo has failed to remain relevant, as the Internet has evolved.

In its favor, Yahoo is said to have 1 billion monthly users, using its search engine.

In February , Yahoo stated that it was looking to “strategic alternatives” for its Internet business.

According to recent reports, the sale does not include Yahoo's cash, the company's shares in Yahoo Japan, Yahoo's convertible notes, certain minority investments, nor Yahoo's non-core patents.

The Alibaba and Yahoo Japan investments are worth about $40 billion, while Yahoo had a market value of about $37.4 billion as of Friday's close.