Ars Technica:

Verizon has confirmed earlier reports that it will buy ailing Internet pioneer Yahoo in an all-cash deal with a price tag of nearly £3.7 billion ($4.8 billion).

The sale doesn’t include Yahoo’s shares in Alibaba, Verizon said. Yahoo’s Japan shares, its non-core patents, and minority investments are also set to be cut loose from the planned takeover.

Yahoo will be thrown into the mix with AOL—also a faded Internet star that burned brightly in the ’90s.

It’s been a long slow decline for Yahoo but the CEO who presided over it will make out like a bandit to the tune of a quarter billion dollars in salary and bonuses during her tenure. Personally, my biggest question will be what will happen to Flickr, the popular but also fading photo sharing service.