Verizon Completes $4.48 Billion Acquisition of Yahoo; Marissa Leaves with $23 Million

Paterniano Del Favero
Giugno 16, 2017

"Given the inherent changes to my role, I'll be leaving the company", Mayer wrote in a post on Tumblr on Tuesday, titled "Nostalgia, Gratitude & Optimism".

Verizon will be combining its portions of the Yahoo business with its AOL subsidiary to create a new entity called Oath.

Tim Armstrong, who was heading AOL when it was bought over by Verizon, is the CEO of Oath. Oath has more than 50 brands and that includes TechCrunch, HuffPost, and Tumblr.

Marni Walden, Verizon president of media and telematics, said the acquisition is a "critical step" in growing Verizon's Oath division to a worldwide scale.

Said Armstrong: "We're building the future of brands using powerful technology, trusted content and differentiated data".

Kurt Burnette, Seven West's chief revenue officer, said: "Our JV partners own and operate one of the world's largest digital advertising businesses and we look forward to driving home this leadership in local and global best content, technology and innovation". But don't cry for Verizon just yet: the company employs 161,000 people and made $126 billion in revenues in 2016, with 113.9 million retail connections in its mobile business. Verizon is an American-based company which operates a wireless network.

Verizon expects to cut about 15 per cent of the workforce of the new Oath organization, representing the elimination of about 2,000 jobs.

After more than two decades, Yahoo's time as an independent company has finally come to an end. The original Yahoo group now becomes a holding company with stakes in Chinese Internet giant Alibaba and Yahoo Japan. Those will belong to a newly formed company called Altaba, which also will inherit Yahoo's $8 billion in cash and any money that might have to be paid in various shareholder lawsuits filed against Yahoo leading up to the sale. CNBC reports that Mayer is expected to receive a "golden parachute" payment that filings with the Securities and Exchange Commission estimates is worth more than $23m.

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