DETROIT – Dan Gilbert's bid to buy Yahoo fell short after Verizon outbid his group to take control of the massive internet company in decline.
Gilbert partnered with Warren Buffett to bid for Yahoo, and speculation swirled about what a successful bid could mean for Detroit. That speculation was dashed Sunday when it was announced Verizon who the month-long bidding process. The news was confirmed Monday.
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Verizon how owns AOL and Yahoo, two early titans of the internet that have struggled in a tech world dominated by Google and Facebook.
Gilbert is trying to build Detroit as a tech hub around his company, online mortgage giant Quicken Loans.
CNN reports the Verizon deal must be approved by regulators and is expected to be finalized early next year.
Yahoo CEO Marissa Mayer's future is uncertain. AOL CEO Tim Armstrong is expected to take the lead on merging the companies.
The Detroit News mused about what the Yahoo news means for Gilbert's vision for Detroit. Their guess: He'll continue moving forward with his plans to bring tech companies downtown.
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Dan Gilbert’s bid for Yahoo falls short but @cavsdan determined to make #Detroit a #fintech center. https://t.co/cCwZeH4pjT @detroitnews
— Louis Aguilar (@LouisAguilar_DN) July 25, 2016
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