SoftBank pays $1.6 billion for Yahoo Japan rights

TOKYO: SoftBank’s internet business Z Holdings Corp said on Monday it has agreed to pay Verizon Communications Inc 178.5 billion yen ($1.61 billion) to secure the rights to Yahoo branding and technology in perpetuity in Japan.

In contrast to the retreat of Yahoo in the United States, the brand remains a core part of SoftBank’s domestic internet business where the name adorns a web portal and services like shopping and weather.