>> It's a done deal. Verizon, on Tuesday, closing its acquisition of Yahoo's core business for nearly $4.5 billion. CEO Marissa Mayer, after a lackluster tenure, resigning from her post with a severance paycheck estimated between $23 and $186 million. The completion of the merger marks the end of the line for Yahoo as a stand-alone internet company, a tech pioneer once valued at more $100 billion.
Verizon, the nation's number one wireless operator, is rebranding AOL and Yahoo as part of a new venture called Oath led by AOL Chief Executive, Tim Armstrong. Oath's more than 50 brands include HuffPost, TechCrunch and Tumblr, and promises, with Yahoo's audience, a global reach of a billion people. The closing of the deal was announced in July last year, but had been delayed after two massive data breaches that Yahoo disclosed.
In her resignation letter posted to Tumblr, Tuesday, Mayer eluded to these issues that occurred on her watch. Quote, we have confronted seemingly insurmountable business challenges along with many surprise twists and turns. But she added she was, quote, brimming with nostalgia, gratitude, and optimism. Reuters reported last week that Verizon plans to cut about 2,000 jobs, or 15% of the 14,000 employees of its Yahoo and AOL units.
Some of those layoffs could come as early as Wednesday.