How Verizon hopes to grab digital ad dollars with Yahoo

Posted June 09, 2017

The acquisition marks the end of the line for Yahoo as a standalone company, a storied Web pioneer once valued at more than $US100 billion. This, the report notes, is still less than 20 percent of the total workforce.

Verizon will combine its Yahoo unit with its AOL unit, which it acquired in 2015 for $4.4 billion.

Yahoo shareholders approved the $4.5 billion transaction Thursday. During this process, as many as 2,000 jobs may be lost.

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"Oath's strategy is to lead the global brand space", an AOL spokesperson told CNN Tech. News of the impending merger sent Yahoo's stock prices soaring to $54.80 which is the highest they have been since September 2000.

The only pieces of Yahoo left after the deal goes through next week include a 15 percent stake in Chinese online retailer Alibaba and a 36 percent stake in Yahoo Japan, which is also co-owned by Japanese software company SoftBank. The new company will be rebranded as Oath and will be led by AOL Chief Executive Officer Tim Armstrong, according to Reuters.

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Yahoo CEO Marissa Mayer agreed to the sale last year after a four-year turnaround effort failed to stem a slide in advertising revenue.

The divisions of Yahoo that were not bought by Verizon will become a new company called Altaba Inc.

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