Verizon Communications Inc has completed its acquisition of the operating business of Yahoo! (YHOO), and that Yahoo! Mayer is set to receive a severance package worth about $23 million and stock compensation worth about $187 million. Sports, AOL.com, MAKERS, Tumblr, Build Studios, Yahoo!
Kurt Burnette, chief revenue officer for SWM, said: "Our JV partners own and operate one of the world's largest digital advertising businesses and we look forward to driving home this leadership in local and global best content, technology and innovation. We have been dominating the customer brands in news, finance, sports, tech, lifestyle and entertainment, along with our market leading platforms for advertising technology", he said. She added that the range of assets across Verizon and Oath, from VR, AI and 5G to IoT and content partnerships will "create exciting new ways to captivate audiences across the globe". Marissa Mayer, former CEO at Yahoo, resigned.
Around 2,100 employees are expected to be pinkslipped at Yahoo and AOL, a division of Verizon after the merger - announced last week and closed on Tuesday -, between the two companies.
On Verizon's acquisition of Yahoo, it's CEO Marissa Mayer stepped down from the company citing the "inherent changes" to her position. Verizon wishes Mayer well in her future endeavors. (NYSE:VZ) decreased -1.55% and closed at $46.46 after opening 47.30 with the overall traded volume of 15.19 million shares.
Yahoo's stake in the e-commerce giant, Alibaba, and Yahoo Japan will be diverted into a holding company called Altaba, Inc.
"I want all of you to know that I'm brimming with nostalgia, gratitude, and optimism", she wrote. The firm will also reportedly inherit $8 billion in cash from Yahoo.
While the axe looms for workers at Oath, the remainder of Yahoo will be renamed Altaba. Thomas McInerney, a former board member of Yahoo, will become CEO of the company.