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SoftBank to pay $1.6 billion for Yahoo Japan rights

Sam Nussey
Updated ·1-min read
FILE PHOTO: To match EXCLUSIVE YAHOOJAPAN/

By Sam Nussey

TOKYO (Reuters) -SoftBank's internet business Z Holdings Corp said on Monday it has agreed to pay 178.5 billion yen ($1.61 billion) to secure the rights to Yahoo branding and technology in perpetuity in Japan.

In contrast to the retreat of Yahoo in the United States, the brand remains a core part of SoftBank's domestic internet business where the name adorns a web portal and services like shopping and weather.

Verizon Communications Inc is offloading https://www.reuters.com/technology/apollo-acquire-verizons-media-assets-5-bln-2021-05-03 media businesses including Yahoo and AOL to private equity firm Apollo Global after struggling to compete with internet giants in a $5 billion deal set to close in the second half of this year.

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The Yahoo Japan transaction will go into effect after the Apollo deal closes.

Previously known as Yahoo Japan, SoftBank's internet business rebranded as Z Holdings and is betting on services such as payments app PayPay https://www.reuters.com/business/finance/softbanks-paypay-surges-ahead-japans-digital-payments-race-2021-06-11 and chat app Line for growth in Japan and Southeast Asia.

($1 = 110.9800 yen)

(Reporting by Sam Nussey, editing by Louise Heavens and Kevin Liffey)