Yahoo Completes Sale Of Business To Verizon

Audrey Hill
June 14, 2017

Inc's internet services, giving the telecommunications giant access to hundreds of millions of users, while also closing a chapter on the iconic web portal as a standalone business that had come under sharp criticism in recent years.

After the disclosure of the hacks, Verizon lowered its bid for Yahoo to $4.5 billion from $4.8 billion.

The deal comes two years after Verizon acquired the global ad tech firm- AOL for $4.4 billion in May 2015, gaining a robust programmatic and video advertising platform.

The No. 1 USA wireless operator is rebranding AOL and Yahoo as part of a new venture called Oath, led by AOL Chief Executive Tim Armstrong.

The purchase of Yahoo's core Internet business is Verizon's ongoing play to sprawl its digital-media presence and break into the digital-advertising market, where it could become a No. 3 to the dominant duo of Google and Facebook.

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Mayer, who was unable to stem the decline of the iconic Silicon Valley company, is getting a departure package worth an estimated US$186 million, according to regulatory filings.

And Marissa Mayer, CEO of Yahoo since 2012, said Tuesday on Tumblr she would resign.

It's out with the old and in with the new for Yahoo.

"Verizon wishes Mayer well in her future endeavors", the company said in a statement. After all, if the tax rate were slashed to 15 percent, that would in theory boost the after-tax value of the two big overseas stakes by over $12 billion, by Breakingviews' math, potentially pushing the company's shares up almost a quarter from their closing price on Friday. Yahoo said on its Twitter feed. She is replaced by Tim Armstrong, who was previously CEO of AOL.

Mayer's tenure as Yahoo's chief executive has been subjected to constant scrutiny and frequent attacks by analysts, investors and the media - and much of the judgment arose because of her gender, argued Women in Technology International president David Leighton. Yahoo still has revealed no information relating to the potential identity of the attackers. The Yahoo stub has been renamed Altaba, a holding company. I want to take a moment to remind you of some of our many achievements together.

Other reports by MaliBehiribAe

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