It is now official, Verizon has completed its long awaited purchase of Yahoo, for only $4.48B – cheap for what was one of the Internet’s cornerstone properties. Mayer, is out, but she can take some consolation with her $23M package. Tim Armstrong steps into her shoes to run the combined Yahoo+AOL entity that will be called Oath.
Not all good news mind you – 2100 employees are about to get pink slips as the two companies combine. Definitely be interesting to see where this goes. Armstrong is no stranger to media platforms, having run a newspaper prior to joining Google then AOL.
Verizon has officially closed its $4.48 billion purchase of Yahoo, the company announced Tuesday.
Marissa Mayer, who has been Yahoo’s CEO since 2012, will step down with a $23 million package.