AT&T has made a bid for Yahoo’s Internet business, according to Bloomberg. The news comes as a surprise to Wall Street and the wireless industry, which has seen Verizon Communications as the carrier most likely to bid for the troubled Internet portal.
First-round bids for Yahoo are said to have been submitted, with Verizon not ranking among the highest bidders. One report last week said Verizon could end up bidding less than $3 billion for Yahoo’s core business. Yahoo’s market capitalization is currently more than $34 billion.
