Verizon has officially completed the deal to acquire Yahoo’s core internet assets for $4.48 billion after months of uncertainty about the deal. Yahoo CEO Marissa Mayer is resigning from the company.
Yahoo and AOL will form a new digital media company under Verizon called Oath. Verizon’s goal is to use Yahoo’s enormous reach to compete with the likes of Facebook and Google for online advertising.
The close of this transaction represents a critical step in growing the global scale needed for our digital media company,” said Marni Walden, Verizon President of Media and Telematics, in a statement.
“The combined set of assets across Verizon and Oath, from VR to AI, 5G to IoT, from content partnerships to originals, will create exciting new ways to captivate audiences across the globe.”
What remains of Yahoo will be renamed Altaba Inc. It will effectively serve as a holding company for Yahoo’s large stake in Alibaba, the Chinese e-commerce company
The deal’s close comes nearly a year after the acquisition was first announced.