The New York Times is reporting the board of Silicon Valley company Yahoo has agreed to sell the company's core internet operations and land holdings to Verizon Communications for $4.8 billion. After the sale, Yahoo shareholders will hold approximately $41 billion in investments in the Chinese e-commerce company Alibaba, Yahoo Japan and a small portfolio of patents. The price tag was a fraction of Yahoo's peak value of more than $125 billion in January 2000. Yahoo's chief executive, Marissa Mayer, is not expected to join Verizon, but she is due to receive a severance payout worth about $57 million. Yahoo was founded in 1994, and at the time of its acquisition was one of the last pioneer companies operating independently. The site began as a directory of websites, but eventually offered more, including searches, email, shopping and news. Read the full story in The New York Times.