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.”