Verizon takes over Yahoo to complete $4.5 billion deal

Yahoo building

Tim Armstrong, former CEO of AOL, will head the subsidiary, which houses more than 50 media and technology brands, said a CNBC report on Tuesday. The first, involving 500 million accounts, was announced in September. After the breaches came to light, the deal was delayed, pending Yahoo's investigation. The company then attempted to go back and lower its price, or even get out of the deal, due to the various security hacks that Yahoo had made public. Yahoo CEO Marissa Mayer will be resigning from the company now that the acquisition is complete and will receive a severance of $23 million. In it, Mayer thanks Yahoo employees and lists various accomplishments in which she says Yahoo's team "rebuilt, reinvented, strengthened, and modernized" the company and its products. Yahoo cut 15 percent of its workforce a year ago and AOL cut 500 jobs. Finance, and Yahoo! Mail. Yahoo's Internet properties had almost 200 million unique visitors in April, according to the analytics firm ComScore. Analysts warned that its advertising revenue was falling and that it would likely continue to lose out to Google and Facebook. Yahoo said on its Twitter feed.

Verizon purchased AOL in 2015. Tucked away in Verizon's release about the acquisition on Tuesday was a line about Mayer's exit.

Sales for Yahoo!'s MaVeNS-or mobile, video, native advertising and social media businesses-grew from "essentially zero" in 2011, the year before she arrived, to more than $2 billion, she added.

"The close of this transaction represents a critical step in growing the global scale needed for our digital media company", said Marni Walden, Verizon's president of Media and Telematics business unit, in a statement. Take Yahoo's market value, strip out almost $7 billion of net cash and the value of what Verizon is buying, and the after-tax worth of the two Asian stakes is roughly $41 billion, according to a new Breakingviews calculator (see graphic tmsnrt.rs/2rRE6UL).

And its CEO, Marissa Mayer, who has been one of the most high-profile female executives in Silicon Valley, wrote on her Tumblr that she'll be leaving the company.

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