tech2 News StaffJun 13, 2017 21:56:29 IST
Verizon today announced that it has finally closed the acquisition of Yahoo. According to TechCrunch, Verizon will now combine Yahoo with its AOL assets into a new subsidiary called Oath. This will include brands like HuffPost, TechCrunch, Aol, Engadget, Flickr, Tumblr and many more that employ about 1 billion people globally.
Oath will be led by AOL CEO Tim Armstrong, while CEO of Yahoo, Marissa Mayer has now resigned.
Verizon in a statement to TechCrunch made clear that Marissa Mayer chose to resign from Yahoo.
While the deal has finally come to a close, it is also the end of a brand that literally ruled the internet in its early days. That was until Google came along.
"Looking back on my time at Yahoo, we have confronted seemingly insurmountable business challenges, along with many surprise twists and turns. 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. During these past 5 years, we’ve built products that delight our users, focused on our clients’ businesses, driven substantial value for our shareholders, and endeavored to make Yahoo the absolute best place to work. I want to take a moment to remind you of some of our many achievements together. They are remarkable, and we should all be very proud." said Marissa Mayer in her official memo on Tumblr.
“We’re building the future of brands using powerful technology, trusted content and differentiated data. We have dominating consumer brands in news, sports, finance, tech, and entertainment and lifestyle coupled with our market leading advertising technology platforms,” Armstrong told TechCrunch in a statement.
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