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Verizon Completes Acquisition of Yahoo

Verizon Completes Acquisition of Yahoo

Verizon has completed its US$4.48 billion ($5.95 billion) acquisition of Yahoo.

As previously announced, Yahoo’s internet business will be combined with AOL to create a new Verizon subsidiary named Oath. Brands under the Oath umbrella will include Tumblr, the Huffington Post, Engadget and Flickr.

The other remaining assets of Yahoo, including a 15.5% share of Alibaba and a 35.5% share of Yahoo Japan, will be renamed Altaba.

Yahoo CEO Marissa Mayer has chosen to resign from the company, and is expected to receive a severance payments of over US$23 million ($30.5 million).

“323 days ago, we announced that Verizon would be acquiring Yahoo’s operating business,” Mayer said in an email to employees.

“Today, I can announce that the transaction has officially closed. While reaching this moment has certainly been a long road traveled, it marks the end of an era for Yahoo, as well as the beginning of a new chapter – it’s an emotional time for all of us. Given the inherent changes to my role, I’ll be leaving the company. However, I want all of you to know that I’m brimming with nostalgia, gratitude, and optimism.”

Both Reuters and CNBC reported that Verizon is planning to cut around 2,000 jobs at Yahoo and AOL as early as this week, or about 15% of the combined 14,000 employees.

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