Marissa Mayer quits as Verizon finally closes Yahoo deal

15 June, 2017, 01:19 | Author: Celia Hoffman
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Oath, headed by AOL's chief executive, Tim Armstrong, will have about 1.3 billion monthly users, and Verizon hopes to use its range of content and new forms of advertising to attract more viewers and marketers as it competes against Google and Facebook. It wound up cutting the price by by $350 million and to split the cost of any legal liabilities resulting from the breaches. It also ends the almost five-year reign of Yahoo CEO Marissa Mayer, who isn't joining Verizon. Verizon has placed him at the helm of a new digital subsidiary, called Oath, that will house Yahoo's brands together with the previously acquired AOL brands.

The suits include complaints tied to computer hacking attacks that stole personal information from more than 1 billion Yahoo user accounts in 2013 and 2014 but weren't disclosed until a year ago. "The combined set of assets across Verizon and Oath, from VR to AI, 5G to IoT, from content partnerships to originals, will create exciting new ways to captivate audiences across the globe".

Last May, Verizon announced plans to buy Yahoo's core Internet business.

The Verizon acquisition marks the end of Yahoo as a stand-alon internet company, often regarded as an early internet pioneer and once valued at more than $100 billion.

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About 2,100 employees in Yahoo! will lose their jobs in the aftermath of this deal.

Verizon and Oath confirmed Mayer's departure in the last paragraph of Tuesday's press release about the deal, ending with: "Verizon wishes Mayer well in her future endeavors".

According to the statement on Verizon's website, Armstrong is spearheading attempts to continue building the "industry's most advanced and open advertising technology solutions" with in-house brands such as ONE by AOL and BrightRoll. "I love Yahoo, and I believe in all of you", officially resigned Tuesday. 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.

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

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