Verizon reportedly planning to place bid for Yahoo next week
Tim Armstrong, the CEO of Verizon-owned AOL
Verizon plans to place a bid for Yahoo's core business as soon as next week, according to Bloomberg, along with a bid for the Yahoo Japan business.
Verizon will be kicking off the first round of expected bids for Yahoo, after Yahoo's board decided to put its core assets up for sale after pressure from outside investors.
This isn't the first time we've heard Verizon is interested in Yahoo, as Verizon is said to be using Tim Armstrong from its AOL division to work and run the deal. An acquisition by Verizon could allow it to utilize AOL, which it purchased for $4.4 billion, and Yahoo's content for its customers to consume alongside an advertising outfit similar to Google and Facebook.
Bloomberg reports if Verizon were to acquire Yahoo, current CEO Marissa Mayer would be replaced by Armstrong and Marni Walden, Verizon's executive vice president, to run a combined Yahoo and AOL.
Mayer has previously said she wants time to turn Yahoo around, though investors disagree.
On Wednesday, Recode published its findings from the sale "book" Yahoo is shopping around to potential bidders. Yahoo is said to be in a financial meltdown, as expected results from 2016 are that revenue will drop close to 15 percent and earnings by over 20 percent.
Google's parent company Alphabet is reportedly considering a bid for Yahoo, as well, but it's not clear if the company plans to move forward. Recode's Kara Swisher, well connected to Yahoo, says Google is no longer in the mix.