Verizon takes over Yahoo to complete $4.5 billion deal

Verizon takes over Yahoo to complete $4.5 billion deal

Verizon wishes Mayer well in her future endeavors. However, I want all of you to know that I'm brimming with nostalgia, gratitude, and optimism. As had been expected, Yahoo CEO Marissa Mayer has resigned.

When the Verizon acquisition was confirmed in July past year, Seven West said it would consider a "range of options" to work out what was of most value to its shareholders. This also puts an end to almost five-year leadership of Yahoo CEO Marissa Mayer, who will not join Verizon and will walk away with a compensation package now worth about $125 million, along with her severance pay and stock awards that will be fully vested with the deal's completion.

However, in February, Yahoo and Verizon agreed to reduce the price of the acquisition by $350 million in the wake of two massive cyberattacks that exposed more than a billion accounts.

It's the end of an era for the internet.

It's out with the old and in with the new for Yahoo. Meanwhile, Yahoo's non-internet assets will be reorganized into a new entity called Altaba Inc., which is nothing more than a holding company for the old firm's remaining major stake in the Chinese e-commerce juggernaut Alibaba. Yahoo's is the only major search business where net search and display revenue has struggled when traffic acquisition costs have struggled when compared to rivals.

The new company collected together over 50 media and technology brands.

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The troubled internet giant Yahoo's Chief Executive Marissa Mayer has quit.

Mayer acquired dozens of startups for talent to compete with mobile apps.

Myer also thanked employees in her post.

In a farewell letter to staff on Tumblr the former boss said: "It's been my great honor and privilege to be a part of this team for the last 5 years".

With AOL and Yahoo, Verizon aims to take on Facebook (FB) and Alphabet's (GOOGL) Google in digital video advertising.

"After extraordinary effort over the past 18 months, we are pleased to complete this historic transaction and begin a new chapter", McInerney said in a statement. "They're continuing to create, define and build upon the digital lifestyle that Yahoo! was once synonymous with".

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