Wednesday, 23 August, 2017

Verizon closes Yahoo deal; Mayer steps down

Marissa Mayer Yahoo CEO Marissa Mayer is stepping
Marta Holmes | 14 June, 2017, 05:10

The suits include complaints tied to computer hacking attacks that stole personal information from more than 1 billion Yahoo user accounts in 2013 and 2014 but weren't disclosed until a year ago.

Oath's 50 brands include the Huffington Post, Yahoo Sports, AOL.com, MAKERS, Tumblr, BUILD Studios, Yahoo Finance, Yahoo Mail.

According to CNN, the deal will see Yahoo CEO Marissa Mayer resign from the company, and receive a $23-million severance package. Armstrong will now be CEO of a new Verizon subsidiary called Oath, which will consist of Yahoo and various AOL services.

Yahoo CEO Marissa Mayer together with some of the company's directors including David Filo, Eddy W. Hartenstein, Richard S. Hill, Jane E. Shaw, Jeffrey C. Smith, and Maynard G. Webb, Jr. resigned from their positions.

It's out with the old and in with the new for Yahoo.

The combination of Yahoo and AOL is expected sell more digital ads.

"The company had confronted seemingly insurmountable business challenges, " Mayer said in her leaving message to employees.

Tim Armstrong, former chief executive of AOL, is now chief executive of Oath.

Of course, the amount of content that both companies have under their umbrella is definitely good for Verizon, especially with Go90 and their future streaming TV service, which the company has said that it wants to use exclusive content to differentiate its service from other services on the market.

As per Yahoo's previous filings with the Securities and Exchange Commission (SEC) it is estimated that Mayer's "golden parachute" payout will amount to more than $23m.

Mayer was the fourth-highest-paid US woman executive in 2016 with $32.8 million for the year she orchestrated a sale of the firm to Verizon.

Verizon first announced plans to buy Yahoo's core internet assets nearly a year ago. Altaba will function as a holding company for Yahoo's 15% stake in Alibaba Group Holding Ltd (NYSE: BABA).

New York-based, Verizon generated almost $126 billion in 2016 revenues and operates America's most reliable wireless network, with 113.9 million retail connections nationwide.

In 2012, after burning through four CEOs in four years, Yahoo's board of directors hired 37-year-old Mayer, a former Google vice president with extensive online search and advertising experience.

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