Verizon finally acquires Yahoo and Marissa Mayer steps down
As you might remember, last April Tim Armstrong, the CEO of AOL, announced that AOL and Yahoo are being merged to become a new company called Oath.
Today the Yahoo is a deal is done. Verizon closes $4.5B acquisition of Yahoo. And as planned Verizon will merge Yahoo with some of its AOL assets to make up a new company called Oath. The company will now be led by Tim Armstrong. The following image shows all businesses under Oath:
Image by TechCrunch.com
And now you might be wondering what it will become of Marissa Mayer, the former CEO. Well, she has resigned as stated by Verizon: "Given the inherent changes to Marissa Mayer’s role with Yahoo resulting from the closing of the transaction, Mayer has chosen to resign from Yahoo."
She confirms her position through her Tumblr blog in this statement:
"323 days ago, we announced that Verizon would be acquiring Yahoo’s operating business. Today, I can announce that the transaction has officially closed. While reaching this moment has certainly been a long road traveled, it marks the end of an era for Yahoo, as well as the beginning of a new chapter – it’s an emotional time for all of us. Given the inherent changes to my role, I’ll be leaving the company. However, I want all of you to know that I’m brimming with nostalgia, gratitude, and optimism.
Although the new incorporation is promising to build better services on VR, AI, 5G and IoT, many readers are still complaining about the name Oath. Many regret that the company was not sold to Microsoft back then in 2008. Yahoo's CEO Jerry Yang then was given a proposal by Steve Ballmer, the CEO of Microsoft. Then the company could have been sold at $45 billion. Today it's sold only at $4.5 Billion.