It's official: Verizon has snatched up Yahoo in a long-anticipated $4.48 billion deal completed Tuesday that will see Yahoo CEO Marissa Mayer exit with a healthy payout. Mayer will walk away with $23 million, plus stock holdings worth $200 million, report Variety and CNBC. In a "goodbye letter" posted to Tumblr, Mayer writes that she is "brimming with nostalgia, gratitude, and optimism" and then ticks off a slew of accomplishments, starting with, "We became 1 of 3 internet companies in the world with more than 1B monthly users."
About 2,100 people will lose their jobs as the Yahoo and AOL brands are combined under the new name Oath. Oath will comprise more than 50 media and technology brands, from HuffPost to Tumblr, with Tim Armstrong as CEO. Yahoo, which keeps a 15% stake in Alibaba and a 36% stake in Yahoo Japan, will be renamed Altaba, with Thomas McInerney at its head. (The name "Oath" hasn't gone over well on the internet.)
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