Verizon Closes The Yahoo Deal; Yahoo CEO Marissa Mayer Resigns

HuffPost lays off dozens of staffers

Verizon closed its acquisition of Yahoo yesterday, merging the brands - which include not only Yahoo, but also Tumblr, AOL and others - into its media behemoth, Oath.

"The close of this transaction represents a critical step in growing the global scale needed for our digital media company", said Marni Walden, Verizon president of Media and Telematics in a statement.

Oath, headed by AOL's chief executive, Tim Armstrong, will have about 1.3 billion monthly users, and Verizon hopes to use its range of content and new forms of advertising to attract more viewers and marketers as it competes against Google and Facebook.

Mayer went on to say that Yahoo has "confronted seemingly insurmountable business challenges, along with many surprise twists and turns" during her tenure.

The downside to the deal is that around 2 000 Yahoo! and AOL jobs will be cut, with retrenchments set to begin as early as Wednesday. "Verizon wishes Mayer well in her future endeavors". "We have dominating consumer brands in news, sports, finance, tech, and entertainment and lifestyle coupled with our market leading advertising technology platforms".

Armstrong also said that the "opportunity in front of us is not about the opinions from the pundits and it is not about the competition, it is about our ability to maniacally focus on delivering magical services to mobile enabled consumers". Parts of the website may not work as expected without them.

According to recent filings with the Securities and Exchange Commission, Mayer owned about 4.5 million shares of Yahoo, including options and restricted stock units. "I love Yahoo, and I believe in all of you", officially resigned Tuesday.

The deal ends Yahoo as an operating company and leaves it with its stake in Chinese e-commerce company Alibaba and Yahoo Japan, its cash, convertible notes, certain minority investments, and a noncore portfolio of patents called Excalibur.

That collection of Yahoo assets will be renamed Altaba Inc. In March, Yahoo said board member Thomas McInerney will serve as Altaba CEO.

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