Ending the company’s 21-year reign as an independent company, Yahoo has now been acquired by Verizon for US$4.5 billion. The iconic company will now merge with AOL under a Verizon subsidiary banner relaunched as Oath, and be fronted by Tim Armstrong, AOL’s CEO since 2009.
Yahoo’s CEO, Marissa Mayer, has also resigned as a result of the merger. Although the former CEO leaves behind a legacy of mixed opinion – she was at the top during two of the biggest data hacking scandals and the acquisition of Tumblr for US$1.1 billion four years ago – she’ll take a $23 million “golden parachute” payout for her services during the five-year tenure at the helm of the company. She did manage to more than triple the price of Yahoo’s stock.
Along with the loss of Marissa, there’s also an expected loss of around 2,000 other employees as the companies squeeze together and merge roles.