Verizon Finalizes $4.5B Yahoo Acquisition, CEO Mayer Resigns

Verizon completes Yahoo purchase, Mayer resigns

Verizon completes Yahoo purchase, Mayer resigns

Yahoo, on Tuesday, announced that it has completed the selling of its operating business to Verizon Communications Inc. for $4.48 billion.

Many Yahoo and AOL employees will soon be out of a job, as Verizon is reportedly planning to cut about 2,100 workers from the combined organization, about 15 percent of the total. Verizon has placed him at the helm of a new digital subsidiary, called Oath, that will house Yahoo's brands together with the previously acquired AOL brands. AOL's CEO Tim Armstrong will be the CEO of the new company (which will own more than 50 media brands), but the Yahoo and AOL consumer brands will remain. As had been expected, Yahoo CEO Marissa Mayer has resigned. Despite the company's struggles, Yahoo's stock more than tripled while Mayer was chief executive, creating more than $30 billion in shareholder wealth.The $23 million golden parachute she will be getting will help any feelings of failure.

"We're creating the future of brands by utilising powerful technology, differentiated data and trusted content".

"The company had confronted seemingly insurmountable business challenges, " Mayer said in her leaving message to employees. "However, I want all of you to know that I'm brimming with nostalgia, gratitude, and optimism", she wrote.

Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York City, has a diverse workforce of 161,000 and generated almost $126 billion in 2016 revenues. The telecommunications giant confirmed in a press release that Yahoo CEO Marissa Mayer has opted to resign now that the sale is finalized.

Dems Win Congressional Baseball Game, Give Trophy to Republican Steve Scalise
Sava said that after being released from the hospital, Scalise "will require a period of healing and rehabilitation". Scalise was on the second base when he was injured by a crazed gunman who was trying to kill Republicans Wednesday.

That collection of Yahoo assets will be renamed Altaba Inc.

Yahoo originally offered a directory of websites to guide users through the new world of the Internet.

"They're all around us, in Silicon Valley, and around the globe", says Dan Rosensweig, chairman and CEO of Chegg, and a former COO at Yahoo.

Mr Burnette said Seven West and AOL/Verizon meant to build on any opportunities as Oath's consumer brands and potential acquisitions drive further scale for Yahoo7 in the region.

The leftovers, which include Yahoo's holdings in Yahoo Japan and Chinese conglomerate Alibaba are not part of the deal and are now be part of a holding company named Altaba.

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