Verizon completes acquisition of Yahoo’s core assets

It’s finally done. Verizon has officially completed its $4.48 billion purchase of Yahoo’s core internet business. The sale comes almost a year after Verizon and Yahoo initially agreed on the acquisition. The deal was almost derailed earlier this year, after revelations that Yahoo had been the victim of massive data breaches on more than one occasion. (Verizon ultimately settled for a $350 million reduction in Yahoo’s acquisition price.) CEO Marissa Mayer has resigned from the company. Tim Armstrong, previously the CEO of AOL, will now serve as CEO of Oath, a newly-created organization made up of Yahoo and AOL’s tech and media brands. Armstrong confirmed that the company plans to lay off about 2,100 of Yahoo and AOL’s roughly 14,000 staff-members – about 15% of workers all told. As previously announced, what remains of Yahoo Inc. – including a 15% equity stake in Alibaba and a 36% stake in Yahoo Japan – will now be a new company called Altaba Inc. Thomas McInerney, a former CFO of IAC, will serve as CEO of Altaba.

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