Verizon officially announced the completion of the acquisition of Yahoo for $ 4.48 billion

Jun

14

2017

By completing the acquisition, Yahoo ends up as an independent company.
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US telecommunications firm Verizon said on Tuesday it had completed a $ 4.48 billion acquisition of Yahoo ‘s core business and said Yahoo ‘s chief executive, Marisa Mayer, had resigned.

By completing the acquisition, Yahoo ends up as a self-contained company, which at the turn of the millennium was one of the world’s leading technology companies, with a financial value of more than $ 100 billion.

Verizon, America’s # 1 wireless operator, is combining Yahoo and AOL, which it bought two years ago, to form a new project called Oath, led by AOL CEO Tim Armstrong.

It will include more than 50 brands, such as HuffPost, TechCrunch, and the Tumlr blogging platform.

“Due to the inherent changes in my role, I will leave the firm,” Mayer wrote in an e-mail to employees on Tuesday. “But I want you all to know that I am nostalgic, grateful, and optimistic.”

The new company’s chief executive Armstrong told employees in a separate note seen by Reuters that the company’s joint venture “reaches more than one billion people every month.” “Achieving our goals and objectives will require adjustments in the company.”

“The opportunity for us is not about critics and not about competition, but about our ability to focus obsessively on providing magic services to mobile consumers,” Armstrong said.

The deal, announced in July 2016, was delayed after the two companies re-evaluated the deal as a result of the collapse of Yahoo’s two breakthroughs revealed by Yahoo last year, with more than one billion accounts being affected.

Reuters said last week that Verizon plans to lay off about 2,000 employees, or 15 percent, of 14,000 employees in Yahoo and AOL. Verizon is expected to make the layoffs on Wednesday. Yahoo has cut its workforce by 15 percent last year, while AOL has sacked nearly 500 employees.

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