Yahoo Inc. (Nasdaq: YHOO) agreed to sell its main web businesses to Verizon Communications Inc. (NYSE: VZ) for $4.8 billion, ending a two-decade run as an independent company that took it from Stanford University startup at the dawn of the internet age to also-ran behind nimbler online rivals such as Google and Facebook Inc.

Verizon will pay cash in a deal that includes Yahoo real estate, but excludes some intellectual property which will be sold separately. Yahoo will be left with its stakes in Alibaba Group Holding Ltd. and Yahoo Japan Corp., with a combined market value of about $40 billion.

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