Verizon completes Yahoo purchase; Marissa Mayer resigns

Verizon has completed its $4.48 billion purchase of Yahoo on Tuesday, and Marissa Mayer, the website’s CEO, has resigned.

Verizon will be combining its portions of the Yahoo business with its AOL subsidiary to create a new entity called Oath.

{mosads}Oath will comprise the Huffington Post, Yahoo Sports, AOL, Tumblr, Yahoo Finance, Yahoo Mail and other brands. The remainder of the Yahoo business will be rebranded as Altaba.

Former AOL CEO Tim Armstrong will head the new subsidiary.

In an email to Yahoo employees that she posted on Tumblr Tuesday, Mayer congratulated the company on its accomplishments.

“I’m tremendously grateful for all of the hard work and the many sacrifices you’ve made,” she wrote, listing off what she saw as the highlights of her tenure. 

“We always endeavored to do the right thing for our users, advertisers, shareholders, and fellow Yahoos. This has required the most impressive displays of teamwork, innovation, and resilience I’ve ever seen, and working with you has made my time as CEO nothing short of a privilege.”

Mayer is expected to receive a severance package worth $23 million.