Daily Trends Now
Daily Trends Now


Verizon Takes Over Yahoo To Complete $4.5 Billion Deal

Verizon Takes Over Yahoo To Complete $4.5 Billion Deal

The new entity will be led by Tim Armstrong, the former chief executive of AOL. She's expected to receive a compensation package of more than $23 million as she exits the company, according to a regulatory filing.

The CEO of Yahoo!, Marissa Mayer, is going to resign as she hasn't got a role she likes. The joint corporate entity covering over 50 media, advertising and technology brands will now be called Oath.

The closing of Verizon's $4.48 billion takeover brings an end to a sometimes troubled transaction that saw the telecoms firm reduce its initial offer by $350 million in the wake of two historic hacks that affected more than one billion Yahoo users.

Yahoo properties including Sports and Finance will become part of a new Verizon unit called Oath, whose portfolio includes HuffPost, Yahoo Sports, AOL.com, MAKERS, Tumblr, BUILD Studios, Yahoo Finance, Yahoo Mail and more.

In this regard, Verizon Media and Telematics President Marni Walden commented: "The close of this transaction represents a critical step in growing the global scale needed for our digital media company". "Now that the deal is closed, we are excited to set our focus on being the best company for consumer media, and the best partner to our advertising, content and publisher partners".




But to be fair, Mayer wasn't exactly dealt a great hand when she joined Yahoo. We say appropriately because Oaths involve rather a lot of swearing, which is exactly what Yahoo has been for the last decade.

The new company aims at building future of brands, using trusted content, powerful technology, and differentiated data.

In a Tumblr post, she said: "Looking back on my time at Yahoo, we have confronted seemingly insurmountable business challenges, along with many surprise twists and turns". Yahoo's stock will trade through Friday.

While the axe looms for workers at Oath, the remainder of Yahoo will be renamed Altaba. On June 16, Yahoo will change its name to Altaba, a holding company with a 15% stake in Alibaba and a 36% stake in Yahoo Japan, with Thomas J. McInerney at the helm.

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