tiptrot.com July 17, 2018

Verizon Closes $4.5B Yahoo Acquisition, Marissa Mayer Resigns

14 June 2017, 05:39 | Gerardo Harmon

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Outgoing Yahoo CEO Marissa Mayer

Folding in Yahoo's sites both expands the reach Verizon can offer advertisers and amplifies the company's ability to tailor ads to specific users. At the time, Verizon agreed to pay around $4.83 billion in cash - and Mayer was expected to stay on after the acquisition.

Mayer has mostly kept a low profile since announcing the acquisition last July, which was initially set at $4.83 billion but was later reduced after Yahoo disclosed two unprecedented hacks.

Almost five years to the day after Marissa Mayer took over as C.E.O., ushering in an era of optimism that began with Shepard Fairey-esque posters of her face emblazoned with the word "HOPE" spread throughout Yahoo's Sunnyvale headquarters, Mayer is leaving, the last in a long chain of executives who failed to successfully turn around the company. Since Verizon is a home Internet provider and the largest wireless carrier in the United States, its access to Internet subscribers' browsing histories could help boost the Yahoo/AOL advertising business.

Ms. Mayer has opted to resign from Yahoo given the changes to her role.

Yahoo's email and other digital services such as sports, finance and news will be run by Tim Armstrong. Chief among those challenges were massive data breaches, which caused Verizon to reduce its purchase price of Yahoo by $350 million.

Perhaps most remarkable of all in Mayer's blog, she claimed that under her leadership the company increased in value by $33bn, without mentioning that this was largely down to the increasing value of its 15 per cent stake in Alibaba, which is now worth more than $40bn.

Like AT&T's bid to purchase Time Warner, Verizon's move also reflects a trend in the telecom industry for companies to Wednesday their networking technology to exclusive content. Mayer was at the company for five years.

Besides the vote of approval, shareholders of Yahoo also consented to a compensation advisory note for senior executives with regards to the Verizon deal.

In 2012, after burning through four CEOs in four years, Yahoo's board of directors hired 37-year-old Mayer, a former Google vice president with extensive online search and advertising experience. Yahoo's web assets will be placed under a new unit at Verizon known as Oath. Yahoo said on its Twitter feed. I want to take a moment to remind you of some of our many achievements together.

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