Verizon Closes The Yahoo Deal; Yahoo CEO Marissa Mayer Resigns

Yahoo CEO Marissa Mayer, seen in 2014, wrote a farewell post to employees patrician “Nostalgia, Gratitude Optimism.” She sealed off with: “Yaho-o-oo! Marissa.”

Julie Jacobson/AP

hide caption

toggle caption

Julie Jacobson/AP

Yahoo CEO Marissa Mayer, seen in 2014, wrote a farewell post to employees patrician “Nostalgia, Gratitude Optimism.” She sealed off with: “Yaho-o-oo! Marissa.”

Julie Jacobson/AP

The initial judgment of Yahoo’s Wikipedia page now reads, “Yahoo! Inc. was an American multinational record company.”

Yahoo’s Internet properties strictly became Verizon’s properties Tuesday, as a telecom hulk finalized a $4.5 billion acquisition.

And Marissa Mayer strictly became Yahoo’s final CEO. She’s approaching to accept a remuneration package of some-more than $23 million as she exits a company, according to a regulatory filing.

CEO Marissa Mayer Treated Yahoo Like A Think Tank, Not A Sinking Ship

Although Mayer’s predestine underneath Verizon was uncertain, her abdication was a frequently likely outcome. The country’s largest wireless conduit got Yahoo and a some-more than 1 billion monthly users during a discount cost following years of misunderstanding during a Internet provider — high CEO turnover and capricious direction, culminating in a avowal (while a partnership was pending) of large information breaches that happened underneath Mayer.

After a avowal of a hacks, Verizon lowered a bid for Yahoo to $4.5 billion from $4.8 billion. (Yahoo’s biggest value is in a stakes in a Chinese online sell hulk Alibaba and in Yahoo Japan, that will sojourn apart underneath a new code Altaba.)

Yahoo And AOL Move In Together Under 'Oath,' Verizon's New Digital Arm

Taking over for Mayer will be former AOL CEO Tim Armstrong. Verizon has placed him during a helm of a new digital subsidiary, called Oath, that will residence Yahoo’s brands together with a formerly acquired AOL brands. These embody Huffington Post, TechCrunch, Yahoo Sports, Yahoo Finance, Yahoo Mail, Flickr and Tumblr, among others.

“Given a fundamental changes to my role, I’ll be withdrawal a company,” Mayer wrote in a post on Tumblr on Tuesday, patrician “Nostalgia, Gratitude Optimism.” In it, Mayer interjection Yahoo employees and lists several accomplishments in that she says Yahoo’s group “rebuilt, reinvented, strengthened, and modernized” a association and a products.

“Looking behind on my time during Yahoo, we have confronted clearly indomitable business challenges, along with many warn twists and turns,” Mayer wrote, signing off with: “Yaho-o-oo! Marissa”

Verizon's Metamorphosis: Can You See Me As A Tech Giant Now?

Verizon and Oath reliable Mayer’s depart in a final divide of Tuesday’s press recover about a deal, finale with: “Verizon wishes Mayer good in her destiny endeavors.”

The squeeze of Yahoo’s core Internet business is Verizon’s ongoing play to stretch a digital-media participation and mangle into a digital-advertising market, where it could turn a No. 3 to a widespread twin of Google and Facebook.

“Now that a understanding is closed, we are vehement to set a concentration on being a best association for consumer media, and a best partner to a advertising, calm and publisher partners,” Armstrong pronounced in a statement.