Yahoo Japan and Chat App Line Agree to Merge

TOKYO—Internet portal Yahoo Japan Corp. and chat app Line said Monday they have reached a basic agreement to merge in a deal that includes a $3.1 billion buyout of Line Corp.’s minority shareholders.
Under the merger terms, a SoftBank Group Corp. subsidiary and Line parent Naver Corp. of South Korea will each hold 50% of a joint-venture company that in turn will control a holding company housing the operations of Yahoo Japan and Line.
Media, including The Wall Street Journal, reported last week that the 50-50 arrangement was...