Verizon closes Yahoo deal; Mayer steps down | Reuters

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Verizon Communications Inc said on Tuesday it closed its $4.48 billion acquisition of Yahoo Inc’s core business and that Marissa Mayer, chief executive of the internet company, had resigned.

The No. 1 U.S. wireless operator is rebranding AOL and Yahoo as part of a new venture called Oath, led by AOL Chief Executive Tim Armstrong. Oath’s more than 50 brands include HuffPost, TechCrunch and Tumblr.

The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed last year.

On June 16, Yahoo will be renamed as 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.

Thomas McInerney, a Yahoo board member, will become Altaba’s chief executive officer.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty)


Source: einnews.com