Skip to main content

Advertisement

Advertisement

Business

SoftBank pays US$1.6 billion for Yahoo Japan rights

SoftBank's internet business Z Holdings Corp said on Monday it has agreed to pay Verizon Communications Inc 178.5 billion yen (US$1.61 billion) to secure the rights to Yahoo branding and technology in perpetuity in Japan.

SoftBank pays US$1.6 billion for Yahoo Japan rights

FILE PHOTO: People walk in front of a logo of Softbank Corp at its branch in Tokyo March 2, 2011. Yahoo Inc is in advanced talks to exit its joint venture in Japan with Softbank Corp, a move that could lead it to focus on reaching a decision on its China assets. REUTERS/Toru Hanai

TOKYO: SoftBank's internet business Z Holdings Corp said on Monday it has agreed to pay Verizon Communications Inc 178.5 billion yen (US$1.61 billion) to secure the rights to Yahoo branding and technology in perpetuity in Japan.

In contrast to the retreat of Yahoo in the United States, the brand remains a core part of SoftBank's domestic internet business where the name adorns a web portal and services like shopping and weather.

Verizon is offloading https://www.reuters.com/technology/apollo-acquire-verizons-media-assets-5-bln-2021-05-03 its media businesses including Yahoo and AOL to private equity firm Apollo Global after struggling to compete with internet giants in a US$5 billion deal set to close in the second half of this year.

Previously known as Yahoo Japan, SoftBank's internet business rebranded as Z Holdings and is betting on services such as payments app PayPay https://www.reuters.com/business/finance/softbanks-paypay-surges-ahead-japans-digital-payments-race-2021-06-11 and chat app Line for growth in Japan and Southeast Asia.

(US$1 = 110.9800 yen)

(Reporting by Sam Nussey, editing by Louise Heavens)

Source: Reuters

Advertisement

Also worth reading

Advertisement