Yahoo which pioneered the internet world two decades ago is now finally down as an independent company. After months of uncertainties, Verizon and Yahoo finally agreed on their terms and allowing Verizon to close the deal acquiring Yahoo's assets for $4.48 billion.
It can be recalled that Yahoo did a great job in providing the internet users with a directory of websites, and it can't be denied that the term Yahoo is almost associated with the word "internet". Yahoo has gained a lot of fame back in the 1990s. However, Yahoo had not found its place in the midst of the changing internet and missed out a lot of great innovations such as buying Facebook.
Yahoo finally came to a point where it can no longer compete with the rest of the rising internet giants. The acquisition was never easy with the rising issues such as the security breaches which affected more than one billion of users. Yahoo had to cut the price by $350 million and then sold it to Verizon.
Yahoo's CEO, Marissa Mayer, who has been with Yahoo since 2012 will resign, taking with her $23 million package. In a statement, Mayer said that she will be leaving the company, "brimming with nostalgia, gratitude and optimism".
Yahoo and AOL will form a new digital media company, called Oath, under the leadership of Tim Armstrong, AOL's CEO. Oath is designed to compete with Facebook and Google for online advertising.
Although this is an opportunity for new employment, the sad part is that Verizon is expected to lay off as many as 2,000 employees.
Armstrong will build a new future using a powerful technology, and is ready to make Oath the best company for consumer media. Stay tuned for more Telegiz update.