Verizon Acquires Yahoo! for $4.48 Billion

Verizon Acquires Yahoo! for $4.48 Billion

Yahoo CEO Marissa Mayer has resigned from the company.

Some reports have said more than 1,000 jobs would be eliminated as a result of the merger, but statements from Yahoo and Verizon on Tuesday made no mention of any cuts.

USA communications giant Verizon completed its purchase of troubled internet company Yahoo on Tuesday.

As planned, Yahoo and its Internet assets will join with dozens of other Verizon brands (including HuffPost, AOL, Tumblr and others) under Oath, a new subsidiary.

The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed previous year. As part of the severance package, she will get $23 million from Verizon.

"We're creating the future of brands by utilising powerful technology, differentiated data and trusted content". In an email to the company's employees, she added, "I want all of you to know that I'm brimming with nostalgia, gratitude, and optimism".

According to recent filings with the Securities and Exchange Commission, Mayer owned about 4.5 million shares of Yahoo, including options and restricted stock units.

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Mayer went on to say that Yahoo has "confronted seemingly insurmountable business challenges, along with many surprise twists and turns" during her tenure.

While the axe looms for workers at Oath, the remainder of Yahoo will be renamed Altaba.

"Yahoo and AOL are now officially @Oath!" On Tuesday Verizon closed its acquisition of Yahoo Inc.'s operating business. Yahoo was one of the pioneers of the modern Internet and it was a platform, we once turned to as we today turn to Google.

Marni Walden, Verizon president of media and telematics, said the acquisition is a "critical step" in growing Verizon's Oath division to a worldwide scale.

Yahoo's stake in the e-commerce giant, Alibaba, and Yahoo Japan will be diverted into a holding company called Altaba, Inc.

Tim Armstrong, former head of AOL and now in charge of Oath, told analysts of a revenue goal in the $10 billion to $20 billion range by 2020.

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