Published: Sun, June 18, 2017
Money | By Armando Alvarado

Verizon concludes the $4.5 bn takeover deal of Yahoo


The news was announced by Verizon Communications after it succeeded in acquiring the Yahoo's core business in a deal worth United States dollars 6 Billion.

According to the statement on Verizon's website, Armstrong is spearheading attempts to continue building the "industry's most advanced and open advertising technology solutions" with in-house brands such as ONE by AOL and BrightRoll.

Tim Armstrong, former CEO of AOL, is now CEO of Oath, which is part of Verizon's Media and Telematics organization. She'll leave with a $23 million golden parachute. More than 50 media and technology brands now sit under the Oath umbrella, including HuffPost, Yahoo Sports, AOL.com, Tumblr, Yahoo Finance, and Yahoo Mail.

"It's mainly focused on us putting more resources toward the front end, towards the consumer side", Armstrong, who will be Oath's CEO, said on CNBC's "Squawk Box".

The Yahoo name is going to disappear and the company is going to be approapriately called Oath. "However, I want all of you to know that I'm brimming with nostalgia, gratitude, and optimism".

After the disclosure of the hacks, Verizon lowered its bid for Yahoo to $4.5 billion from $4.8 billion.

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Following the completion of Verizon's acquisition of Yahoo, which will be merged with AOL in new Verizon subsidiary Oath, Seven West Media confirmed amendments had been made to the Yahoo7 joint venture agreement.

In this regard, Verizon Media and Telematics President Marni Walden commented: "The close of this transaction represents a critical step in growing the global scale needed for our digital media company".

Following the sale, its remaining assets consist of an approximately 15% equity stake in Alibaba Group Holding Limited; an approximately 36% equity stake in Yahoo Japan Corporation; and other minor investments.

Yahoo stock was trading at about $52.50 midday on Tuesday.

On Friday, June 16, Yahoo will be renamed as Altaba Inc.

The company had found it hard to compete with newcomers like Google and Facebook in the battle for online advertising. Thomas McInerney, a former board member of Yahoo, will become CEO of the company.

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