Why would the largest telecoms company in the US want to buy a struggling internet brand? That is the question being asked by some investors now that Verizon has emerged as a leading contender to acquire Yahoo, which is exploring a sale as an unconvincing turnround attempt enters its fourth year.
Verizon is coy about its intentions, but those who have been briefed on its strategy say the company wants to merge Yahoo with AOL, which it bought for $4.4bn a year ago, to become a credible third force in digital advertising behind Google and Facebook.
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