Published: Mon, June 19, 2017
Economy | By Annette Adams

Verizon completes Yahoo purchase, Marissa Mayer resigns

Verizon completes Yahoo purchase, Marissa Mayer resigns

On not being awarded the bonus, Ms Mayer said "expressed my desire that my bonus be redistributed to our company's hardworking employees, who contributed so much to Yahoo's success in 2016".

As we wrote last week, there will be cuts of around 15 percent of all staff associated with the acquisition of Yahoo and merger with AOL, around areas like operations and sales and marketing.

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. She'll leave with a $23 million golden parachute.

"We have dominating consumer brands in news, sports, finance, tech, and entertainment and lifestyle coupled with our market leading advertising technology platforms", Armstrong said.

Verizon and Oath confirmed Mayer's departure in the last paragraph of Tuesday's press release about the deal, ending with: "Verizon wishes Mayer well in her future endeavors". At the time, Verizon agreed to pay around $4.83 billion in cash - and Mayer was expected to stay on after the acquisition.

Meanwhile, Yahoo CEO Mayer (pictured) has resigned and exits the business.

Following the completion of Verizon's acquisition of Yahoo, which will be merged with AOL in new Verizon subsidiary Oath, Seven West Media confirmed amendments had been made to the Yahoo7 joint venture agreement. President and Chief Executive Officer, Marissa Mayer, is stepping down from her position in the company.

"We now turn the page with very significant assets, relatively modest liabilities (excluding deferred taxes), and a boundless commitment to do everything in our power to increase shareholder value consistent with our stated policies", he said. What remains of Yahoo after it some of its web assets are transferred to Verizon Communications will be rebranded Altaba.

The leftovers, which include Yahoo's holdings in Yahoo Japan and Chinese conglomerate Alibaba are not part of the deal and are now be part of a holding company named Altaba.

Taking over for Mayer will be former AOL CEO Tim Armstrong.

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