- Fortune/Business Insider
Verizon has officially closed its $4.48 billion purchase of Yahoo, the company announced Tuesday.
Marissa Mayer, who has been Yahoo’s CEO since 2012, will step down with a $23 million package.
Yahoo will be combined with AOL, which Verizon bought for $4.4 billion in 2015, into a new entity called Oath. However, the Yahoo and AOL consumer brands will remain. AOL’s CEO Tim Armstrong will be the CEO of Oath.