FX.co ★ Legendary Yahoo project over

Selling its core business, US internet giant Yahoo announced that the painstaking deal had been officially closed. Verizon Communications acquired the company which will be assigned a new name. So, one of Silicon Valley’s iconic brand names will vanish forever.

The deal is estimated at $4.48 billion. Yahoo’s CEO Marissa Mayer will reportedly resign after the deal settlement with severance pay worth $23 million. Over her five years at the helm of the company, Marissa Mayer gained a stake of Yahoo equities totaling $186 million. Now she resigns at the right time, deserving a reputation of a far-sighted executive. Back in July 2016, US telecoms giant Verizon offered the Yahoo management an acquisition deal worth $4.83 billion. However, the price tag was slashed by $350 million while Yahoo was pondering over the takeover terms. As a result of the massive cyberattack in September 2016, hackers stole private information from at least one billion accounts with Yahoo. So Verizon was about to withdraw from the deal. The incident gave fresh impetus to the talks and the parties were poised to make concessions.

After the merger deal of Yahoo and AOL, Verizon aims to combine these assets to found a new entity known as Oath. This brand will also include HuffPost, TechCrunch, Yahoo! Finance, Tumblr, and other firms in the field of advertising technologies. Under the Oath umbrella, the companies will benefit from Verizon’s database of accounts. Advertisers seeking alternatives to Google and Facebook can rely on the improved service with Oath to find their target audience and make estimates.