Verizon has completed its acquisition of the operating business of Yahoo for $4.48 billion, which coupled with AOL creates what the telco boasts is a global digital-media powerhouse that reaches more than 1 billion consumers, reports Variety.
|A $200M Smile|
The merged AOL-Yahoo organization will be called Oath, comprising more than 50 media and technology brands. Tim Armstrong, previously CEO of AOL, is now CEO of Oath, which is part of Verizon’s Media and Telematics division.
Verizon expects to cut about 15% of the workforce of the new Oath organization, representing the elimination of about 2,100 jobs.
The Oath portfolio includes HuffPost, Yahoo Sports, AOL.com, MAKERS, Tumblr, Build Studios, Yahoo Finance, and Yahoo Mail.
Mayer exits Yahoo with stock holdings worth more than $200 million.