SILVERMAN: Verizon originally bid 4.8 billion for Yahoo, but lowered the amount after the disclosure of massive data breaches that happened under CEO Marissa Mayer.
The deal was finalised after Yahoo agreed to accept a price cut of $350 million on the original deal of $4.8 billion when millions of Yahoo's user accounts were impacted by the cyber-attacks. Verizon sees the acquisition of media content as a way to expand beyond its core wireless business.
Mayer's almost five years leading the iconic Sunnyvale internet firm were notable for her failure to reverse its declining fortunes and for two world-record hacks of user data.
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"We're building the future of brands using powerful technology, trusted content and differentiated data. We have been dominating the customer brands in news, finance, sports, tech, lifestyle and entertainment, along with our market leading platforms for advertising technology", he said. About 2,100 employees in Yahoo! will lose their jobs in the aftermath of this deal.
But most of those gains stemmed from Yahoo's stake in Alibaba, a Chinese e-commerce company whose fortunes have soared while Yahoo faded. Mayer is believed to receive a compensation package of more than $23 million as she resigned the company, according to a regulatory filing. In March, Yahoo said board member Thomas McInerney will serve as Altaba CEO.
The sale of Yahoo is just one more sign of how the online media and content market continues to consolidate, as large companies are trying to bring together audiences, and advertisers all under one big company, in competition with the continuing growth of Google and Facebook.
While the axe looms for workers at Oath, the remainder of Yahoo will be renamed Altaba. She was trailed by Silicon Valley sexism from the beginning, such as the 2012 Forbes article that couldn't resist noting, "Only 37, Mayer is young, pretty, vivacious - and the embodiment of the fresh start Yahoo needs".