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Yahoo-Verizon deal closes, CEO Marissa Mayer resigns

U.S. communications giant Verizon completed its purchase of troubled internet company Yahoo on Tuesday.

The chief executive of Yahoo, Marissa Mayer, told employees she would be resigning now that the transaction was over.

In a message, Mayer outlined a long list of developments at the company under her tenure, and said she was “brimming with nostalgia, gratitude and optimism” in spite of her departure.

Verizon announced its planned purchase of Yahoo in July 2016, and its intention to merge Yahoo with AOL, another early online innovator.

“Yahoo and AOL are now officially @Oath!’’ Yahoo said on its Twitter feed.

The new company collected together over 50 media and technology brands.

The $4.8 billion purchase of Yahoo, one of the oldest existing internet brands, had long been expected before the announcement in 2016.

The company had found it hard to compete with newcomers like Google and Facebook in the battle for online advertising.

“The company had confronted seemingly insurmountable business challenges,’’ Mayer said in her leaving message to employees.

(dpa/NAN)

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