Verizon Communications Inc. (VZ) made it official Tuesday, announcing it has completed its $4.5 billion acquisition of Yahoo after months of wrangling.

Buried at the bottom of a press release announcing the closing of the deal, the wireless carrier announced that Yahoo Chief Executive Marissa Mayer is resigning from the new company to be called Oath.

“Given the inherent changes to Marissa Mayer’s role with Yahoo resulting from the closing of the transaction, Mayer has chosen to resign from Yahoo. Verizon wishes Mayer well in her future endeavors,” the company said in the release.  (See also: Verizon to Lay Off 1,000 Across AOl, Yahoo: Report.)

Changes at the Top

The departure of Mayer once the acquisition was complete was long expected given the downturn at the former internet giant during her four years at the helm. The challenges the company faced, along with a reputation for lavish spending and mistimed acquisitions—e.g., paying $1.1 billion for Tumblr—led many to expect Mayer’s departure.

According to a recent Recode story, Adam Cahan, senior vice president of mobile and emerging products at Yahoo, is also likely to get the boot, while communications products head Jeff Bonforte is set to be one of the few executives to stay.  AOL Chief Executive Officer Tim Armstrong, who as of Tuesday became CEO of Oath, said the company will oversee more than 20 brands and reach more than a billion consumers. The Oath portfolio includes the Huffington Post, Yahoo Sports,, MAKERS, Tumblr, BUILD Studios, Yahoo Finance and Yahoo Mail, among others. (See also: Verizon Finally Acquires Yahoo Core Operations.)


“We’re building the future of brands using powerful technology, trusted content and differentiated data. We have dominating consumer brands in news, sports, finance, tech, and entertainment and lifestyle coupled with our market leading advertising technology platforms. Now that the deal is closed, we are excited to set our focus on being the best company for consumer media, and the best partner to our advertising, content and publisher partners," Armstrong said in Tuesday’s release.

It’s been a long and winding road for Verizon to close on the deal which was once valued at $4.83 billion but was reduced in the wake of huge data breaches at Yahoo that left the acquisition up in the air for some time. With Yahoo Verizon is a step closer to realizing its vision of becoming an advertising powerhouse that rivals Facebook (FB) and Alphabet’s (GOOG) Google. Verizon is betting that the data it collects from AOL, Yahoo and its own customers will be enough to get marketers to spend some of those digital ad dollars with Oath. 

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