Verizon has completed a $4.5 billion deal to take over Yahoo. The buyout of one of the internet’s best-known brand will result in its total overhaul with a new management team attempting to revive the ailing company.
The closure of Yahoo brings to a sad end the company’s 21-year history as a publicly traded company.
Marissa Mayer, the Chief Executive of Yahoo had resigned stating: “Given the inherent changes to my role, I’ll be leaving the company. However, I want all of you to know that I’m brimming with nostalgia, gratitude, and optimism.”
Yahoo’s e-mail and other digital services such as sports, finance, and news will be managed by Tim Armstrong, who has been in charge of AOL. He will now be the CEO of a new Verizon subsidiary called Oath, which will be made up of Yahoo and different AOL services including HuffPost, TechCrunch, and Tumblr.
Verizon plans to cut about 2,000 jobs, or 15 percent, of the 14,000 employees at its Yahoo and AOL units.
Meanwhile, 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 and a 35.5 percent holding in Yahoo Japan Corp.
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