Verizon CEO interested in bid for Yahoo

  • 07/02/2016
Yahoo CEO Marissa Meyer (Getty Images)
Yahoo CEO Marissa Meyer (Getty Images)

The CEO of Verizon Communications has confirmed the company is considering making a bid for troubled tech firm Yahoo.

"At the right price, I think marrying up some of their assets with AOL and the leadership would be good," Lowell McAdam told CNBC's Mad Money host Jim Cramer. Last year, Verizon entered into an agreement to buy AOL for $6.64 billion.

Yahoo's CEO Marissa Mayer announced last week the company would lay off about 1700 employees, or about 15 percent of its workforce, and close offices in five locations. Yahoo also said it was open to offers on its core assets.

"We believe a simplified Yahoo will create greater shareholder value over the long term," Ms Mayer said during a conference call after the announcement, according to CNBC.

The company has been struggling in the face of competition from internet advertising giants Google and Facebook.

Yahoo's shares have lost almost 35 percent of their value in the past year.