Verizon closes Yahoo deal; Mayer steps down

Verizon closes Yahoo deal; Mayer steps down

Verizon has combined the assets from the acquisition with its existing AOL business to create Oath, which will house more than 50 media and technology brands, including HuffPost, Tumblr and Yahoo Sports and Yahoo Finance.

She will receive a $23 million severance package, according to an earlier company filing.

Yahoo CEO Marissa Mayer has resigned following the acquisiton by Verizon of the company’s Internet properties.

Verizon Communications (VZ) on Tuesday announced that it completed its acquisition of the operating business of Yahoo!

Tim Armstrong, former CEO of AOL, now holds the same title at Oath, a division in Verizon’s Media and Telematics organization.

Marni Walden, Verizon president of Media and Telematics, said, “The close of this transaction represents a critical step in growing the global scale needed for our digital media company”.

In April, had Armstrong named his leadership team for Oath. Yahoo’s search business, along with other advertising assets and portals, now belong to Verizon. But following the announcement of the deal, Yahoo had informed that it had found two data breaches in 2013 and 2014, that had affected more than 1 billion user accounts.

It’s official-Verizon just announced it finalized the deal to purchase Yahoo for $4.48 billion.

Meanwhile, what’s left of Yahoo will register as an investment company, Altaba, to manage a stake of about 15% in Alibaba (BABA -0.4%) and of about 36% in Yahoo Japan (YAHOY -2.7%), along with cash and equivalents, some minority investments, and patent holding unit Excalibur. Yahoo board member Thomas McInerney is the new Altaba CEO.