Verizon Closes The Yahoo Deal; Yahoo CEO Marissa Mayer Resigns

Verizon Closes The Yahoo Deal; Yahoo CEO Marissa Mayer Resigns

Former CEO of AOL, Tim Armstrong, joined Verizon as the CEO of Oath, as the company began its operations as the global leader in mobile and digital.

The deal was finalised after Yahoo agreed to accept a price cut of $350 million on the original deal of $4.8 billion when millions of Yahoo's user accounts were impacted by the cyber-attacks. Despite the company's struggles, Yahoo's stock more than tripled while Mayer was chief executive, creating more than $30 billion in shareholder wealth.The $23 million golden parachute she will be getting will help any feelings of failure.

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.

Verizon has combined these assets with its existing AOL business to create a new subsidiary, Oath, a diverse house of more than 50 media and technology brands that engages more than a billion people around the world.

Apple adds simple Wi-Fi sharing in iOS 11
Apple executives said the new measures are necessary in order to prevent accidents that involve drivers being distracted. Throw some FLACs in iCloud Drive or whatever and you can play them back directly on the device in Files.

Mayer, who told staff as recently as last July that following the sale "I'm planning to stay".

Mayer went on to say that Yahoo has "confronted seemingly insurmountable business challenges, along with many surprise twists and turns" during her tenure.

In terms of the deal, Armstrong also mentioned that Verizon will start to load a product called App Flash, which will carry Yahoo and AOL brands on Verizon phones. "Now that the deal is closed, we are excited to set our focus on being the best company for consumer media, and the best partner to our advertising, content and publisher partners", Armstrong said. One example is Yahoo's disastrous $1.1 billion acquisition of Tumblr in 2013, a year during which Yahoo completed an eye-watering 29 M&A transactions in total, per the PitchBook Platform. Altaba will function as a holding company whose primary assets will be 15.5% stake in Alibaba Group and a 35.5% stake in Yahoo Japan Corp. "I love Yahoo, and I believe in all of you", officially resigned Tuesday.

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

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