As Verizon Communications Inc. completed its acquisition of the operating business of Yahoo! Inc., Marissa Mayer, who was the CEO of Yahoo! resigned.
Ms Mayer said in a Tumblr blog post, “323 days ago, we announced that Verizon would be acquiring Yahoo’s operating business. Today, I can announce that the transaction has officially closed. While reaching this moment has certainly been a long road traveled, it marks the end of an era for Yahoo, as well as the beginning of a new chapter – it’s an emotional time for all of us. Given the inherent changes to my role, I’ll be leaving the company. However, I want all of you to know that I’m brimming with nostalgia, gratitude, and optimism.
“It’s been my great honor and privilege to be a part of this team for the last 5 years. Together, we have rebuilt, reinvented, strengthened, and modernized our products, our business, and our company,” she added.
Verizon has combined Yahoo’s assets with its existing AOL business to create a new subsidiary, Oath, which it describes as ‘a diverse house of more than 50 media and technology brands that engages more than a billion people around the world’. The announcement of Oath was leaked earlier in April 2017.
The Oath portfolio includes HuffPost, Yahoo Sports, AOL.com, MAKERS, Tumblr, BUILD Studios, Yahoo Finance, Yahoo Mail and more, with a mission to build brands people love.
Marni Walden, Verizon president of Media and Telematics, said, “The close of this transaction represents a critical step in growing the global scale needed for our digital media company. The combined set of assets across Verizon and Oath, from VR to AI, 5G to IoT, from content partnerships to originals, will create exciting new ways to captivate audiences across the globe.”
Tim Armstrong, former CEO of AOL, is now CEO of Oath, which is part of Verizon’s Media and Telematics organization. He has been leading integration planning teams since the Yahoo transaction was announced in July 2016, and Oath begins operation on June 13, 2017.
Mr Armstrong said, “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. 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.”