Verizon takes over Yahoo to complete $4.5 billion deal
Verizon takes over Yahoo to complete $4.5 billion deal
HuffPost editor-in-chief Lydia Polgreen Source Charles Sykes AP
16 June, 2017, 04:39
U.S. wireless operator Verizon Communications has completed its US$4.48 billion acquisition of Yahoo's core business on 13 June 2017, according to a statement on its website.
Yahoo CEO Marissa Mayer has resigned from the company. The company plans on merging Yahoo with AOL, which it bought two years ago for $4.4 billion, to form a new venture called Oath.
Verizon, the No. 1 USA wireless operator, is combining Yahoo with AOL, which it bought two years ago, to form a venture called Oath, led by AOL CEO Tim Armstrong.
In an email to employees that Mayer posted on Tumblr, she wrote, "Given the inherent changes to my role, I'll be leaving the company".
The deal ends Yahoo as an operating company and leaves it with its stake in Chinese e-commerce company Alibaba and Yahoo Japan, its cash, convertible notes, certain minority investments, and a noncore portfolio of patents called Excalibur.
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The deal finalised after Yahoo agreed to accept a price cut of $350 million. Mayer also oversaw the £1.1bn acquisition of Tumblr - the value of which had fallen by $230m since, Yahoosaid last February.
The merger of Yahoo and AOL is an attempt by Verizon to create a third alternative in the internet advertising market, to compete with Facebook and Google. Yahoo said on its Twitter feed.
"We're building the future of brands using powerful technology, trusted content and differentiated data", said Armstrong in a release.
Portada reached out to Yahoo's team about how this change will affect Yahoo's Latin American and U.S. Hispanic operations, but they weren't ready to comment on that matter.
Mayer, who was unable to stem the decline of the iconic Silicon Valley company, is getting a departure package worth an estimated $186 million, according to regulatory filings. 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.
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The majority of the eliminated positions are from the corporate offices at the headquarters in Hoffman Estates , Illinois. That requires the company to optimize its store footprint as well as operate an organization that is simpler and leaner.
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