Verizon completes $4.5bn acquisition of yahoo


Mayer has received a hefty, $23 million as part of her exit package for co-operating with the acquisition.

The assets, which include Yahoo Finance, will be combined with AOL brands such as the Huffington Post under a new subsidiary called Oath. The joint corporate entity covering over 50 media, advertising and technology brands will now be called Oath. See for further information. However, with the completion of the transaction, YHOO CEO Marissa Mayer stepped down and resigned from the company.

Verizon Communications is the leading wireless operator in the United States of America and plans to merge Yahoo! with AOL to form a new business called Oath.

Verizon, the No. 1 USA wireless operator, is combining Yahoo with AOL, which it bought two years ago, to form a venture called Oath, led by AOL CEO Tim Armstrong.

Marni Walden, Verizon president of Media and Telematics, said, "The close of this transaction represents a critical step in growing the global scale needed for our digital media company".

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Verizon and Oath confirmed Mayer's departure in the last paragraph of Tuesday's press release about the deal, ending with: "Verizon wishes Mayer well in her future endeavors".

"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", Seven West Media's chief revenue officer Kurt Burnette said.

"We have dominating consumer brands in news, sports, finance, tech, and entertainment and lifestyle coupled with our market leading advertising technology platforms". AOL CEO Tim Armstrong is set to lead the new company, with the new Oath boss boldy stating that the new company would "reach over a billion people each month".

Yahoo's stock will trade till Friday, after which Altaba's will begin next Monday under the name "AABA", reported AP. So that makes Mayer's equity holdings worth a little more than $236 million at current prices.

323 days ago, we announced that Verizon would be acquiring Yahoo's operating business. Thomas McInerney, who will remain on the board, becomes Altaba's CEO.