Yahoo now has a new ownership. The famous multinational internet business company has now being bought by an American multinational company, Verizon. The move for Yahoo! to be acquired by Verizon has been in place for a long time now. Verizon decreased the bid after series of cyber attacks on Yahoo! The first bid for the acquisition was $4.8 billion, which was later reduced to $4.48 billion dollars.
Well, the deal is now official, and Verizon have acquired the once mighty Yahoo! Inc. The acquisition was at a worth of $4.48 billion. Given the new ownership, Yahoo! will now be under Verizon’s subsidiary company – Oath. Oath is a subsidiary company under Verizon that has over 50 companies under its name ranging from Tumblr to flickr and so on. Now, all the brands with the Yahoo! brand are now under Verizon.
Subsequently, the CEO of Yahoo, Marissa Mayer resigned from the organization and gave a farewell message on Tumblr which read, “Looking back on my time at Yahoo, we have confronted seemingly insurmountable business challenges, along with many surprise twists and turns,”, then she concluded with “Yaho-o-oo! Marissa”
“Given the inherent changes to Marissa Mayer’s role with Yahoo resulting from the closing of the transaction, Mayer has chosen to resign from Yahoo. Verizon wishes Mayer well in her future endeavors,” a statement from Verizon read.
Marissa Mayer has been at the helm of affairs at Yahoo since 2012, and taking over from her is Tim Armstrong, the former CEO of AOL (a brand under Oath).
“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 said.
He added, “Now that the deal is closed, we are excited to set our focus on being the best company for consumer media, and the best partner to our advertising, content and publisher partners.”