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.More news: Venus falls in fourth round at French Open
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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.More news: USA defense secretary reaffirms commitment to Taiwan
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.
USA household wealth rises - Buoyed by higher stock prices, Americans' household net worth rose 1.4 percent to $94.8 trillion in the first three months of this year, a trend that could support future spending.More news: Ed Sheeran Reveals Drunken Escapades With Justin Bieber in New 'Carpool Karaoke'