Anchor text is the visible characters and words that hyperlinks display when linking to another document or location on the web. In the phrase "CNN is a good source of news, but I actually prefer the BBC's take on events," two unique pieces of anchor text exist for two different links: "CNN" is the anchor text pointing to cnn.com Breaking News, Daily News and Videos - CNN.com, while “the BBC's take on events” points to Home - BBC News