Yahoo completes sale of operating business to Verizon; Marissa Mayer resigns

Marissa Mayer

In April, USA Today reported that Tim Armstrong, then-CEO of AOL and now CEO of Oath, stressed that the brands within the new company would stay the same.

"The company had confronted seemingly insurmountable business challenges, " Mayer said in her leaving message to employees.

The question left hanging this week, as Marissa Mayer turns out the lights for the last time at Yahoo and it is officially swallowed up by Verizon Communications, is why an internet pioneer with more than a billion users and spectacular name recognition was unable to remain independent. These include Huffington Post, TechCrunch, Yahoo Sports, Yahoo Finance, Yahoo Mail, Flickr and Tumblr, among others. Former AOL CEO Tim Armstrong is the CEO of Oath.

Yahoo CEO Marissa Mayer together with some of the company's directors including David Filo, Eddy W. Hartenstein, Richard S. Hill, Jane E. Shaw, Jeffrey C. Smith, and Maynard G. Webb, Jr. resigned from their positions. But that never translated into much sales growth - and early previous year the company began entertaining offers that led to the Verizon deal. The rest of Yahoo will be named "Altaba Inc." as soon as June 16, 2017.

On Friday, the remainder of Yahoo not acquired by Verizon will be renamed Altaba Inc, a holding company whose primary assets will be its 15.5 percent stake in Alibaba Group Holding Ltd (BABA.N) and a 35.5 percent holding in Yahoo Japan Corp (4689.T). In it, Mayer thanks Yahoo employees and lists various accomplishments in which she says Yahoo's team "rebuilt, reinvented, strengthened, and modernized" the company and its products.

From Verizon's point of view, the deal is purely driven by data prospects from Yahoo-owned websites which have more than 200 million unique monthly visitors.

Mayer, who was unable to stem the decline of the iconic Silicon Valley company, is getting a departure package worth an estimated $186 million, according to regulatory filings.

Reuters said that the Yahoo deal came after activist investors led by Starboard Value LP lost faith in CEO Marissa Mayer and forced what became a protracted sale process.

She continued: "The combined set of assets across Verizon and Oath, from virtual reality to artificial intelligence, 5G to the Internet of Things, from content partnerships to originals, will create exciting new ways to captivate audiences across the globe".


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