Verizon completes $4.5 billion deal to officially buy Yahoo
Verizon has taken over Yahoo, completing a $4.5 billion deal that will usher in a new management team to attempt to wring more advertising revenue from one of the internet’s best-known brands.
Tuesday’s closure of the sale ends Yahoo’s 21-year history as a publicly traded company. It also ends the nearly five-year reign of Yahoo CEO Marissa Mayer, who isn’t joining Verizon.
Nostalgia, Gratitude & Optimism - The Yahoo-Verizon transaction closed this morning. Here’s the email... https://t.co/leOnuxpkDk
— marissamayer (@marissamayer) June 13, 2017
Yahoo’s email and other digital services will be run by Tim Armstrong, who has been in charge of AOL. Armstrong is now CEO of a new Verizon subsidiary called Oath, which will consist of Yahoo and AOL services.
Today's the day. @Yahoo joined the fam and we’re already feeling the brand love. #MakeBrandLove pic.twitter.com/p9sCth9SQA
— Oath (@oath) June 13, 2017
Verizon won’t be getting Yahoo’s prized stakes in two Asian internet companies, Alibaba Group and Yahoo Japan. Those will belong to a newly formed company called Altaba.
This story was originally published June 13, 2017 at 11:01 AM with the headline "Verizon completes $4.5 billion deal to officially buy Yahoo."