The Yahoo assets acquired by Verizon are being combined with their AOL business unto a new company called Oath.
Given the changes to Marissa Mayer's role as Yahoo chief executive, she has chosen to resign.
Ethan Miller/GettyVerizon has officially closed its $4.48 billion purchase of Yahoo, the company announced Tuesday. She will receive a severance package worth $23 million, which was conditioned on being fired without cause or leaving the company for a good reason.
Seven West and AOL/Verizon will continue to invest in Yahoo7 and will look to build on Oath's consumer brands, original content, advertising technology, proprietary data and potential acquisitions. "Verizon wishes Mayer well in her future endeavors", Verizon said in a statement.
In Verizon's announcement, Marni Walden, president of Media and Telematics at Verizon, said the transaction represents a "critical step in growing the global scale" that Verizon needs.
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In case you were focused on the negative aspects of Marissa Mayer's leadership of Yahoo! Inc.
"After extraordinary effort over the past 18 months, we are pleased to complete this historic transaction and begin a new chapter", McInerney said in a statement.
The deal, nevertheless, brings to a close the independent life of one of the oldest and most iconic internet brands, arguably the one that led and set the pace for search until Google came along and killedit.
After more than two decades, Yahoo's time as an independent company has finally come to an end.
What remains of Yahoo will be renamed Altaba Inc.