Photo: Yahoo

Verizon Buys Yahoo, Ending An Era For The Internet Giant

By - Staff Writer
Jun 13, 2017 1:04pm AST
Verizon Buys Yahoo, Ending An Era
Photo: Yahoo
Get the latest news stories of the day delivered to your inbox

Yahoo, one of a select few companies considered to have founded the internet as we know it, has officially been bought by Verizon for $4.48 billion. The purchase marks the end of an era, as Verizon plans to combine the tech giant with AOL, consolidating them into a new entity called Oath.

According to a number of reports, Oath is set to be headed by Tim Armstrong, most well known as the chief executive of AOL; Yahoo‘s chief executive Marissa Mayer will not be joining the company – so far, it isn’t known what Ms. Mayer plans to do after the sale. In a statement, Mr. Armstrong said that Oath was looking forward to the future, saying that the company was set to focus on consumer media. In Mr. Armstrong’s words:

“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.”

Oath has about 1.3 billion users who visit at least once a month, and Verizon hopes to use its range of content and create new forms of advertising to attract more viewers and marketers to the platform. The company also intends to cut costs, with plans to lay off about 2,100 people, or about 15 percent of Oath’s staff. It’s currently not known how many of Yahoo’s staff will be brought on-board to the company, and how much of Oath’s layoffs will be split among the companies current staff and Yahoo’s/AOL’s current staff.

The purchase follows a vote on June 8 among Yahoo’s shareholders on whether or not the company should be sold to Verizon; in the weeks leading up to the vote, it was largely expected that it would be an overwhelming yes. The move also follows five years of Marissa Mayer trying – unsuccessfully – to restore the internet pioneer to the position it once was as a global force.

Have your say
Read more

Don’t waste your time trying to be a full time YouTuber. 96% make less than 12k a year

Social Media - With internet stars like PewDiePie, Logan Paul, Casey Neistat, and Mo Vlogs making a decent living from YouTube, more and…

By - Mar 11, 2018 8:04pm AST

Lab-grown meat could be on our dinner menus by the end of 2018

Featured - Lab-grown meat could eventually make its way to our restaurant tables and grocery stores sooner than we think. Lab-grown meat…

By - Mar 4, 2018 11:42pm AST

iPhone X beats Samsung Galaxy S9 in most benchmark tests

Mobile - With the announcement of the new Galaxy S9 and S9+, PhoneArena was able to run a few benchmarks to see…

By - Mar 1, 2018 11:45pm AST

California to allow driverless cars without a driver behind the wheel

Transportation - It’s official. The California Department of Motor Vehicles (DMV) announced that it has amended the “Testing of Autonomous Vehicles” Act…

By - Mar 1, 2018 5:46am AST

Apple set to release three new iPhones this year, one for every budget

Mobile - Even though the iPhone X notch seems to be the butt of every mobile phone joke, there’s no doubt that…

By - Feb 27, 2018 12:08am AST

Samsung unveils Galaxy S9 and S9+

Featured - The day is finally here. At this point it’s safe to say we knew at least 90% of what to…

By - Feb 25, 2018 2:20pm AST

Xbox One keyboard and mouse support will remain; up to game devs to implement it

Gaming - Microsoft Xbox’s division currently does not offer out-of-the-box support for keyboard and mouse devices for its Xbox One units, but…

By - Feb 21, 2018 11:22pm AST

Samsung unveils world’s largest SSD drive with 30TB in just 2.5-inch storage device

Hardware - Samsung has announced the world’s largest production SSD drive to date with a storage capacity of 30.72 terabytes jammed into…

By - Feb 20, 2018 11:57pm AST

FBI director advises against using Huawei and ZTE phones

Featured - FBI director Christopher Wray announced earlier this week that he is “deeply concerned” about the threat that two Chinese mobile…

By - Feb 19, 2018 12:03am AST

Why did Florida school shooting Google Search results pre-date incident?

Web - On February 14, 2018, 14 students and 3 staff members were killed by Nikolas Cruz at the Marjory Stoneman Douglas High…

By - Feb 18, 2018 2:24am AST