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Verizon closes Yahoo deal, Mayer steps down

Reuters 

(Reuters) - Communications Inc said on Tuesday it closed its $4.48 billion of Inc's core business and that Marissa Mayer, chief executive of the internet company, had resigned.

The completion of the marked the end of as stand-alone internet company, tech pioneer once valued at more than $100 billion.

Verizon, the No. 1 U.S. wireless operator, is combining with AOL, which it bought two years ago, to form venture called Oath, led by AOL CEO Tim Armstrong. Oath's more than 50 brands include HuffPost, TechCrunch and Tumblr.

"Given the inherent changes to my role, I'll be leaving the company," Mayer wrote in an email to employees on Tuesday that she also posted on Tumblr. "However, I want all of you to know that I'brimming with nostalgia, gratitude, and optimism."

Armstrong told employees in separate note seen by that the combined company's services "reach over billion people each month." He added that "accomplishing our objectives and goals will require adjustments to the company."

He said the "opportunity in front of us is not about the opinions from the pundits and it is not about the competition, it is about our ability to maniacally focus on delivering magical services to mobile enabled consumers."

The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that disclosed last year.

reported last week that planned to cut about 2,000 jobs, or 15 percent, of the 14,000 employees at its and AOL units. is expected to make cuts as early as Wednesday. cut 15 percent of its workforce last year and AOL cut 500 jobs.

On Friday, the remainder of not acquired by will be renamed Altaba Inc, holding company whose primary assets will be its 15.5 percent stake in Alibaba Group Holding Ltd and 35.5 percent holding in Japan Corp <4689.T>.

Thomas McInerney, board member, will become Altaba's chief executive officer.

shares closed down 1.6 percent on Tuesday and are down nearly 13 percent this year.

(Reporting by Anya George Tharakan in Bengaluru and David Shepardson in Washington; Editing by Bill Rigby and Peter Cooney)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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