Verizon Closes $4.5 Billion Yahoo Deal, Marissa Mayer Resigns

Marissa Mayer
Yahoo CEO Marissa Mayer is stepping
Author

20 June, 2017

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".

As expected, the merger also means that Yahoo CEO Marissa Mayer has resigned from the company, given "inherent changes to her role".

Oath will house over 50 media brands, including HuffPost, TechCrunch and Tumblr, and will be headed up by AOL CEO Tim Armstrong.

Sales for Yahoo!'s MaVeNS-or mobile, video, native advertising and social media businesses-grew from "essentially zero" in 2011, the year before she arrived, to more than $2 billion, she added.

Oath is part of Verizon's Media and Telematics organization. He will now be the CEO of a new Verizon subsidiary- Oath, which will comprise of Yahoo and various AOL services.

Why it matters: Yahoo Spanish-language edition continues to exist and is marketed by Yahoo's Latin American and U.S. Hispanic sales team in Miami and by IMS. Even though the stock performed well under Mayer, she largely failed to put Yahoo in a position where it could thrive on its own. Through Oath, Verizon hopes to compete with digital media giants Facebook and Google.

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

Similarly, Armstrong expressed his excitement on focusing to become "the best company for consumer media". However, the Yahoo and AOL consumer brands will remain.

Verizon announced plans to buy Yahoo's core internet business last July.

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

Eleven months after revealing its intent to acquire Yahoo, Verizon on Tuesday announced that it's a done deal. As per SEC filings, Mayer could receive a more than $23 million "golden parachute" payment, including more than $3 million in cash and almost $20 million in equity, for her exit from the company. Earlier in March, Yahoo had revealed that its board member Thomas McInerney will be serving as Altaba CEO.


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