According to reports that are starting to trickle in, Yahoo s board has accepted the terms of the Verizon offer we reported last week.

The core assets of the company that started life in Jerry Yang and David Filo s 1994 Stanford dorm room as Jerry and David s Guide to the World Wide Web — and at one point was one of the highest valued properties on the internet — will now join another former high-flyer of the internet s earliest days, Aol full disclosure: the owner of TechCrunch , in the Verizon stable.

It s hard to overstate how dominant a player Yahoo once was.

The company, which now holds most of its value in its Alibaba investment, was once a $125 billion behemoth that dominated internet search and commanded one of the highest valuations of any online business — it was Google before Google was Google.

Like Aol, Yahoo was never able to fully recover from the dot-com crash.

The advent of Google and then Facebook pushed both early Internet portals further toward irrelevance as one Google s search algorithm prevailed and Facebook a new method for browsing online — replacing monolithic portals with personalized feeds tailored to the tastes of social networking peers.

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