With the closing, David Filo, Eddy Hartenstein, Richard Hill, Marissa Mayer, Jane Shaw, Jeffrey Smith and Maynard Webb Jr. resigned from the Yahoo/Altaba board, leaving Chairman Eric Brandt, Tor Braham, Catherine Friedman and Thomas McInerney (who will become CEO).
Reuters reported last week that Verizon planned to cut about 2,000 jobs, or 15 percent, of the 14,000 employees at its Yahoo and AOL units.
Telecommunication conglomerate Verizon concluded the $4.5 billion deal of Yahoo's takeover on Tuesday, ending the web company's 21-year history as an independent entity.
Oath will house over 50 media brands, including HuffPost, TechCrunch and Tumblr, and will be headed up by AOL CEO Tim Armstrong.
Congressman Scalise, shot Wednesday, is improving, doctors report
Griner remained hospitalized at MedStar Hospital after getting shot in the ankle, and Sava described her in good condition. Democrat Cedric Richmond, a fellow Louisiana congressman, said as many others did that Scalise is a fighter.
Seven West and AOL/Verizon will continue to invest in Yahoo7 and will look to build on Oath's consumer brands, original content, advertising technology, proprietary data and potential acquisitions. I've seen our teams navigate these hurdles and mountains in ways that have not only made Yahoo a better company, but also made all of us far stronger.
Verizon announced plans to buy Yahoo's core internet business last July. The chief executive officer of Yahoo, Marissa Mayer, consented to the sale in 2016 following the failure of turnaround efforts that had been initiated four years ago. However, the Yahoo and AOL consumer brands will remain. In this case, the focus in on ONE by AOL and its BrightRoll technology covering mobile, video, search, native and programmatic ads.
Verizon won't be getting Yahoo's prized stakes in two Asian internet companies, Alibaba Group and Yahoo Japan.
The close of this transaction represents a critical step in growing the global scale needed for our digital media company. Verizon wishes Mayer well in her future endeavors. What remains of Yahoo after it some of its web assets are transferred to Verizon Communications will be rebranded Altaba. As per SEC filings, Mayer could receive a more than $23 million "golden parachute" payment, including more than $3 million in cash and almost $20 million in equity, for her exit from the company.
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