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Wednesday, June 14, 2017

Good bye Yahoo ...say Hello to Verizon.

After more than two decades, Yahoo's time as an independent company has finally come to an end as Verizon finally buys off a one-time IT giant, Yahoo. 

Verizon has closed its $4.48 billion purchase of Yahoo's core business, finalizing a deal mired by two massive hacks affecting more than 1 billion Yahoo accounts and marking the latest play by telecoms to challenge Silicon Valley's dominance in online advertising.

Under a newly bolstered Verizon, Yahoo and AOL will combine as part of a new media and technology company called Oath. The sale of Yahoo was first announced 2016, with a $4.8billion price tag. But just months later, the company disclosed a series of data breaches that compromised the personal information of potentially hundreds of millions of people. Following the breaches, Yahoo and Verizon eventually agreed to discount the purchase price by $350million.


As part of the finalized deal, Yahoo chief executive Marissa Mayer will resign with a “golden parachute” aka severance pay worth over $23 million in cash, equity and benefits, according to an SEC filing. She served at the company's helm since 2012.
  
Once the portal to the Internet, and a pillar of the technology industry, Yahoo has fallen in stature as other Web giants, chiefly Google and Facebook, have built sprawling business empires and amassed cultural cache extending well beyond southern California. Although no longer seen as the pioneering Internet company it once was, Yahoo's umbrella of websites, including Yahoo Finance and Yahoo Sports, commands a staggering amount of online traffic. Yahoo's Internet properties had nearly 200 million unique visitors in April 2017, according to the analytics firm ComScore.

Recall that the Yahoo brand in its hay days and at the height of the dot-com boom, was a Silicon Valley web pioneer that once had a market capitalization of more than $125billion.

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