The assets Verizon gained in the almost $4.48 billion buy will be combined with the AOL business Verizon previously acquired to create Oath, a new combination of media and tech brands, said the release. As expected, Marissa Mayer, who had been the CEO of Yahoo, has resigned.
When the Verizon acquisition was confirmed in July a year ago, Seven West said it would consider a "range of options" to work out what was of most value to its shareholders.
Under Verizon, Yahoo will merge with AOL into a new entity called Oath, which will oversee the various media properties like Huffington Post, TechCrunch, and Engadget.
Verizon said that given the "inherent change" to Mayer's role with Yahoo as a result of the transaction meant she had chosen to resign.
The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed a year ago. 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.
The new company aims at building future of brands, using trusted content, powerful technology, and differentiated data.
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"I want all of you to know that I'm brimming with nostalgia, gratitude, and optimism", she wrote. The Yahoo acquisition has taken a long time process to close.
Verizon Communications Inc. (VZ) on June 13, 2017 completed its acquisition of the operating business of Yahoo! Inc.
That collection of formerly Yahoo assets will be renamed Altaba Inc, according to Yahoo.
Why it matters: Yahoo Spanish-language edition continues to exist and is marketed by Yahoo's Latin American and U.S. Hispanic sales team in Miami and by IMS. However, the Yahoo and AOL consumer brands will remain.
All of the websites owned by Yahoo are now officially part of Verizon. AOL president and former Yahoo executive- Tim Mahlman will head up the advertising technology, while Yahoo engineering pro Atte Lahtiranta will lead tech, and Verizon's Ralf Jacob will helm digital media.