Verizon completes Yahoo purchase, Mayer resigns
- Author: Salvatore Jensen Jun 17, 2017,
Jun 17, 2017, 20:06
In this Tuesday photo, Verizon corporate signage is captured on a store in Manhattan's Midtown area, in NY.
Telecom giant Verizon Communications said Tuesday it has completed its acquisition of the operating business of Yahoo for almost $4.48 billion, with Yahoo CEO Marissa Mayer choosing to resign. Yahoo's operating business will merge AOL, and the new combined digital media company under will be names Oath.
Mayer has mostly kept a low profile since announcing the acquisition last July, which was initially set at $4.83 billion but was later reduced after Yahoo disclosed two unprecedented hacks. Mayer will receive a $23 million severance package, as was reported in an earlier company filing.
Yahoo will be integrated with AOL, which Verizon bought two years ago, to form a new unit called Oath, which will be led by AOL chief Tim Armstrong.
As part of the transaction and changes going on within Yahoo! and at Verizon post-merger, Yahoo!
"Our JV partners own and operate one of the world's largest digital advertising businesses and we look forward to driving home this leadership in local and global best content, technology and innovation", Mr Burnette said in a statement. As of June 19, Yahoo's rebrand, Atlaba, will begin trading under the symbol AABA. We say appropriately because Oaths involve rather a lot of swearing, which is exactly what Yahoo has been for the last decade. The telecommunications giant confirmed in a press release that Yahoo CEO Marissa Mayer has opted to resign now that the sale is finalized. While Yahoo's revenue was $5.1 billion, Verizon may not be keeping all of its web assets intact. By comparison, Google's revenue previous year totaled $73 billion, after subtracting ad commissions.
But most of those gains stemmed from Yahoo's stake in Alibaba, a Chinese e-commerce company whose fortunes have soared while Yahoo faded. Yahoo was one of the pioneers of the modern Internet and it was a platform, we once turned to as we today turn to Google.