Tags: Verizon | Closes | Yahoo | Deal | Mayer

Verizon Closes Yahoo Deal; Mayer Steps Down

Verizon Closes Yahoo Deal; Mayer Steps Down
Ken Wolter | Dreamstime.com

Tuesday, 13 June 2017 11:44 AM EDT

Verizon Communications Inc. said on Tuesday it closed its $4.48 billion acquisition of Yahoo Inc.'s core business and that Marissa Mayer, chief executive of the internet company, had resigned.

The No. 1 U.S. wireless operator is rebranding AOL and Yahoo as part of a new venture called Oath, led by AOL Chief Executive Tim Armstrong. Oath's more than 50 brands include HuffPost, TechCrunch and Tumblr.

The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed last year.

On June 16, Yahoo will be renamed as Altaba Inc., a holding company whose primary assets will be its 15.5 percent stake in Alibaba Group Holding Ltd. and a 35.5 percent holding in Yahoo Japan Corp.

Thomas McInerney, a Yahoo board member, will become Altaba's chief executive officer. 

© 2024 Thomson/Reuters. All rights reserved.


Companies
Verizon Communications Inc. said on Tuesday it closed its $4.48 billion acquisition of Yahoo Inc.'s core business and that Marissa Mayer, chief executive of the internet company, had resigned.
Verizon, Closes, Yahoo, Deal, Mayer
139
2017-44-13
Tuesday, 13 June 2017 11:44 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved