Published: Thu, June 15, 2017
Economy | By Guillermo Lane

Verizon completes acquisition of Yahoo as Mayer quits

Verizon completes acquisition of Yahoo as Mayer quits

Mayer, who will not be sticking with Verizon now that Yahoo and its other digital media unit AOL are being combined under one operating unit called Oath, will also receive $23 million in severance payments to walk away from Yahoo.

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. During her tenure, Yahoo's share price more than tripled as the value of its Asian investments soared.

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

This also puts an end to almost five-year leadership of Yahoo CEO Marissa Mayer, who will not join Verizon and will walk away with a compensation package now worth about $125 million, along with her severance pay and stock awards that will be fully vested with the deal's completion. "We have dominating consumer brands in news, sports, finance, tech, and entertainment and lifestyle coupled with our market leading advertising technology platforms".

"The combined set of assets across Verizon and Oath, from VR to AI, 5G to IoT, from content partnerships to originals, will create exciting new ways to captivate audiences across the globe", she added. On not being awarded the bonus, Ms Mayer said "expressed my desire that my bonus be redistributed to our company's hardworking employees, who contributed so much to Yahoo's success in 2016".

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The job cuts will start Wednesday and continue through this week at locations that also include New York, Armstrong said in an interview.

Yahoo and Uber are probably the two most prominent Silicon Valley firms trying to change the way they work right now.

As part of this transition, former Yahoo CEO Marissa Mayer is exiting the company. Yahoo's stock will trade through Friday. 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.

Yahoo, which had an exclamation point in its name, become known for its "Do you Yahoo!?" commercials.

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