Verizon deal closes, CEO Marissa Mayer resigns

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Yahoo is now acquired by Verizon as the telecom giant finalized its $4.5 billion acquisition. The two major data breaches at Yahoo! caused the offer to lessen by $350 million.

Oath's strategy will be to place the same content - whether articles, videos or ads - in multiple locations to reach the widest possible audience, said Marni Walden, the Verizon executive vice president who oversees its global media businesses.

As expected, the deal is worth $4.5 billion and it also puts an end to Marissa Mayer's problematic five-year tenure as CEO of Yahoo. Mayer is believed to receive a compensation package of more than $23 million as she resigned the company, according to a regulatory filing.

She pointed to the business areas she has dubbed "mavens", meaning mobile, video, native advertising and social, saying they generated more than $2 billion in revenue a year ago, 42 percent of the company's total income, up tenfold from 2012.

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"The company had confronted seemingly insurmountable business challenges, " Mayer said in her leaving message to employees. Armstrong will now be CEO of a new Verizon subsidiary called Oath, which will consist of Yahoo and various AOL services. While it is a shadow of its former self, Yahoo is still one of the internet's defining companies and paved the way for Google and many others that would follow.

Mr Burnette said Seven West and AOL/Verizon meant to build on any opportunities as Oath's consumer brands and potential acquisitions drive further scale for Yahoo7 in the region.

"We're building the future of brands using powerful technology, trusted content and differentiated data", Armstrong said in a statement. "We have dominating consumer brands in news, sports, finance, tech, and entertainment and lifestyle coupled with our market leading advertising technology platforms", said Armstrong. Altaba will function as a holding company whose primary assets will be 15.5% stake in Alibaba Group and a 35.5% stake in Yahoo Japan Corp.

A combination photo shows Yahoo logo in Rolle, Switzerland (top) in 2012 and a Verizon sign at a retail store in San Diego, California, US in 2016. Thomas McInerney, who will remain on the board, becomes Altaba's CEO.

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