After rejecting Microsoft's mouth watering $45 billion offer, Yahoo is selling to Verizon for $4.8 Billion

Verizon, announced on Monday that it was buying Yahoo’s core internet business for $4.83 billion in cash.

The deal, which was reached over the weekend, unites two titans of the early internet, AOL and Yahoo, under the umbrella of one of the nation’s largest telecommunications companies. Verizon bought AOL for $4.4 billion last year. Verizon plans to keep most of Yahoo’s current products, including its still popular email service, and invest in them to make them stronger.

 However, he said that Verizon has not yet decided what it wants to do in search, an area where Yahoo has waged a losing fight against Google for a decade.

 In 2008, Microsoft (MSFT, Tech30) was willing to pay more than $45 billion for Yahoo, an offer that was rebuffed by cofounder Jerry Yang.