Verizon completes acquisition of Yahoo
Yahoo's long history has finally reached its last destination. Earlier this week, Verizon announced that the $4.5 billion acquisition of the company's core business is complete. Since the acquisition is now over, the company's CEO has decided to step aside, so it is not a surprise that Marissa Mayer chose to resign.
About a year ago, Verizon announced its plans to take over Yahoo's core business for $4.83 billion in cash. Back then, Marissa Mayer was expected to keep her position. Sadly, the massive cyberattacks that exposed more than a billion accounts came, so the two parties agreed to decrease the price mentioned above by $350 million.
The Yahoo business not part of the deal is now Altaba and its CEO is Yahoo board member Thomas McInerney. The core business controlled now by Verizon has been merged with AOL and rebranded as Oath. Sadly, the whole deal is also expected to have a severe impact on Yahoo's workforce - more than 2,000 of the 14,000 Yahoo employees are supposed to lose their jobs soon.