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Verizon Takes Over Yahoo To Complete $4.5 Billion Deal

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Verizon completes its $4.48 billion acquisition of Yahoo

Verizon officially completed its deal to acquire Yahoo's core Internet assets for $4.48 billion after months of uncertainty about the deal, both companies announced Tuesday.

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. At the moment this will see Yahoo vice-president of engineering, Atte Lahtiranta, leading tech; president for Verizon digital media dervices Ralf Jacob managing digital media, and AOL president Tim Mahlman to heading up ad tech.

Since she took control in 2012, the company did more than triple its stock price, and Mayer noted that in her goodbye post. She'll leave with a $23 million golden parachute.

This is likely due to the number of hacks that were made public after Verizon announced the acquisition previous year.

Yahoo and Verizon previously announced Mayer would step down once the deal closed.

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Leighton compared the $US4.4 billion sale to Verizon of a struggling AOL under former Yahoo chief executive and former Google executive Armstrong with the $US4.5 billion sale to Verizon of a troubled Yahoo under chief executive and former Google executive Mayer. "Verizon wishes Mayer well in her future endeavors", a Verizon press release published on Tuesday reads. However, I want all of you to know that I'm brimming with nostalgia, gratitude, and optimism.

What remains of Yahoo will be renamed Altaba Inc.

Yahoo owns a 15% stake in Alibaba, China's e-commerce giant, as well as a 35% interest in Yahoo Japan.

Yahoo CEO Marissa Mayer is leaving the company. The Basking Ridge, N.J. -based carrier plans to combine Yahoo's assets with the AOL assets it had acquired in 2015 into a subsidiary called Oath.

FILE - In this February 19, 2015, file photo, Yahoo President and CEO Marissa Mayer delivers the keynote address at the first-ever Yahoo Mobile Developer's Conference, in San Francisco. We're trying to confirm these and other details, but unsurprisingly David Filo, Eddy Hartenstein, Richard Hill, Marissa Mayer, Jane Shaw, Jeffrey Smith and Maynard Webb Jr. have already resigned from Yahoo's board.

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