Internet pioneer Yahoo ended its two-decade run as an independent company on Tuesday, completing the sale of its core online assets to telecom giant Verizon. Yahoo’s chief executive Marissa Mayer resigned as expected, as Verizon finalized the $4.48 billion deal integrating the Yahoo internet operations into a new unit called Oath, which includes another former sector leader, AOL. Tim Armstrong, former CEO of AOL, now holds the same title at Oath, a division in Verizon’s Media and Telematics organization. Yahoo’s sale caps a long decline from when it had a peak market value of some $125 billion in 2000. The original Yahoo group now becomes a holding company with stakes in Chinese internet giant Alibaba and Yahoo Japan.

Source: Hindustan Times June 13, 2017 15:11 UTC