That compares with Yahoo’s peak value of more than $125 billion, reached in January 2000.

Marissa Mayer, Yahoo’s chief executive, is not expected to join Verizon, but she is due to receive a severance payout worth about $57 million, according to Equilar, a compensation research firm.

Verizon and Yahoo declined to comment on the deal.

Founded in 1994, Yahoo was one of the last independently operated pioneers of the web. Many of those groundbreaking companies, like the maker of the web browser Netscape, never made it to the end of the first dot-com boom.

But Yahoo, despite constant management turmoil, kept growing. Started as a directory of websites, the company was soon doing much more, offering searches, email, shopping and news. Those services, which were free to consumers, were supported by advertising displayed on its various pages.

For a long time, the model worked. It seemed as if every company in America — and across much of the world — wanted to reach people using the new medium, and ad revenue poured into Yahoo.