(Reuters) - Verizon Communications Inc said on Tuesday it closed its $4.48 billion acquisition of Yahoo 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 Yahoo as part of a 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 Yahoo disclosed last year.
On June 16, Yahoo will be renamed as Altaba Inc, a holding company whose primary assets will be its 15.5 percent stake in Alibaba Group Holding Ltd and a 35.5 percent holding in Yahoo Japan Corp.
Thomas McInerney, a Yahoo board member, will become Altaba's chief executive officer.
(Reporting by Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app