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 completion of the acquisition marked the end of Yahoo as a stand-alone internet company, a tech pioneer once valued at more than $100 billion.
Verizon, the No. 1 U.S. wireless operator, is combining Yahoo with AOL, which it bought two years ago, to form a venture called Oath, led by AOL CEO Tim Armstrong. Oath’s more than 50 brands include HuffPost, TechCrunch and Tumblr.
“Given the inherent changes to my role, I'll be leaving the company,” Mayer wrote in an email to employees on Tuesday that she also posted on Tumblr. “However, I want all of you to know that I’m brimming with nostalgia, gratitude, and optimism.”
Armstrong told employees in a separate note seen by Reuters that the combined company’s services “reach over a billion people each month.” He added that “accomplishing our objectives and goals will require adjustments to the company.”
