Verizon concludes the $4.5 bn takeover deal of Yahoo

Marissa Mayer

Mayer is believed to receive a compensation package of more than $23 million as she resigned the company, according to a regulatory filing.

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.

Mr Burnette said Seven West and AOL/Verizon meant to build on any opportunities as Oath's consumer brands and potential acquisitions drive further scale for Yahoo7 in the region.

Mayer has been CEO of Yahoo since 2012, but used an email, posted on blogging site Tumblr, to inform staff that she will step down now that the deal has been completed.

Verizon has finally concluded its acquisition of Yahoo.

Approximately 2,000 Yahoo and AOL workers are expected to lose their jobs as Verizon trims expenses and eliminates overlapping positions, according to Tim Armstrong, who has been running AOL since Verizon bought that company for $4.4 billion two years ago.

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"Looking back on my time at Yahoo, we have confronted seemingly insurmountable business challenges, along with many surprise twists and turns", Mayer wrote, signing off with: "Yaho-o-oo!" Verizon wishes Mayer well in her future endeavors.

You can find out more details about the deal between Verizon and Yahoo at the company's website at the link below. Through Oath, Verizon hopes to compete with digital media giants Facebook and Google.

Seven West and AOL/Verizon will continue to invest in Yahoo7 and will look to build on Oath's consumer brands, original content, advertising technology, proprietary data and potential acquisitions.

"We have dominating consumer brands in news, sports, finance, tech, and entertainment and lifestyle coupled with our market leading advertising technology platforms".

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

Following the sale, its remaining assets consist of an approximately 15% equity stake in Alibaba Group Holding Limited; an approximately 36% equity stake in Yahoo Japan Corporation; and other minor investments.

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