NEW YORK (AP) – Verizon has taken over Yahoo, completing a $4.5 billion deal that will usher in a new management team to attempt to wring more advertising revenue from one of the internet’s best-known brands.
Tuesday’s closure of the sale ends Yahoo’s 21-year history as a publicly traded company. It also ends the nearly five-year reign of Yahoo CEO Marissa Mayer, who isn’t joining Verizon.
Yahoo’s email and other digital services will be run by Tim Armstrong, who has been in charge of AOL. Armstrong is now CEO of a new Verizon subsidiary called Oath, which will consist of Yahoo and AOL services.
Verizon won’t be getting Yahoo’s prized stakes in two Asian internet companies, Alibaba Group and Yahoo Japan. Those will belong to a newly formed company called Altaba.
(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)