Verizon Communications has completed its acquisition of Yahoo’s web assets for USD 4.48 billion. The operations have been combined with Verizon’s AOL business to create Oath, which now includes over 50 media and technology brands engaging with more than 1 billion people around the world. The Oath portfolio includes HuffPost, Yahoo Sports, AOL.com, Makers, Tumblr, Build Studios, Yahoo Finance, and Yahoo Mail.
Tim Armstrong, the former CEO at AOL, will head Oath, which will now begin operation.
With the completion, former Yahoo CEO Marissa Mayer has resigned, as previously disclosed.
Yahoo will itself go forward as Altaba, with headquarters relocated to New York City. Its remaining assets will include a 15 percent stake in Alibaba, a 36 percent stake in Yahoo Japan, cash and cash equivalents, certain minority investments and Excalibur IP, which owns certain patent assets that were not core to Yahoo's operating business. The company will also retain certain liabilities related to the data breaches incurred by Yahoo.
Upon completion, not only has Mayer resigned but also board of director members David Filo, Eddy Hartenstein, Richard Hill, Jane Shaw, Jeffrey Smith and Maynard Webb. The remaining directors are Eric Brandt (chairman), Tor Braham, Catherine Friedman and Thomas McInerney, who will become the company’s CEO. Alexi Wellman will became its CFO and DeAnn Fairfield Work its chief compliance officer. Arthur Chong will continue to serve as general counsel and secretary.
Altaba plans to register with the SEC as a publicly traded, non-diversified, closed-end management investment company. The company's shares will start trading under the name "AABA" from 19 June.
