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Verizon closes Yahoo deal; Mayer steps down


(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 No. 1 U.S. wireless operator is rebranding AOL and as part of new venture called Oath, led by AOL Chief Executive Tim Armstrong. Oath's more than 50 brands include HuffPost, TechCrunch and Tumblr.

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.

On June 16, will be renamed as 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.

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

(Reporting by Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)