Verizon has said that it has agreed to buy Yahoo's core internet and search businesses for $4.83 billion. Yahoo's properties will join AOL under Verizon's ownership, to be managed by Marni Walden, EVP and President of the Product Innovation and New Businesses organization at Verizon. Verizon has spent the last few years building up its media business units. Yahoo claims to have more than 1 billion active monthly users, of which 600 million are mobile. Combining Yahoo and AOL will give Verizon control over 25 established brands, including news sites, analytics engines, email services, and advertising platforms. The sale does not include Yahoo's stake in Alibaba, Yahoo Japan, and other entities. Post sale, the remaining business will be rebranded as it transforms into an investment company. Verizon and Yahoo expect the deal to close during the first quarter of 2017, pending regulatory and shareholder approval. Verizon Communications is the parent company of Verizon Wireless.