SoftBank’s internet business Z Holdings Corp said on Monday it has agreed to pay Verizon Communications Inc 178.5 billion yen ($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 its media businesses including Yahoo and AOL to private equity firm Apollo Global after struggling to compete with internet giants in a $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 and chat app Line for growth in Japan and Southeast Asia.
The team at Platform Executive hope you have enjoyed the ‘SoftBank pays $1.6 billion for Yahoo Japan rights‘ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Sam Nussey. Editing by Louise Heavens.
You can stay on top of all the latest developments across the platform economy, find solutions to your key challenges and gain access to our problem-solving toolkit and proprietary databases by becoming a member of our growing community. For a limited time, our subscription plans start from just $16 per month. What are you waiting for?