AOL's Armstrong Key to Verizon's Bid for Yahoo
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As Verizon’s bidding battle for Yahoo comes down to the wire this week, the phone giant is betting that victory will be determined not only by its cash but by the strategy and leadership it has planned for the internet pioneer.
Verizon, Quicken Loans founder Dan Gilbert and Vector Capital Management submitted bids by Yahoo’s Monday deadline, along with AT&T and private equity suitor TPG, according to people familiar with the matter. A decision could be made in about a week, one of the people said.
While some of the parties may view Yahoo as a collection of assets that could be realigned or broken apart, Verizon sees a complementary set of businesses that could find a home alongside its AOL properties. And Verizon is confident it has a key asset to make the integration a success — AOL Chief Executive Officer Tim Armstrong, according to people familiar with the company’s strategy.
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