Yahoo sold for $4.8 billion to Verizon. Verizon is looking build a huge advertising platform to compete with Google Alphabet Inc. (NASDAQ:GOOG)- and Facebook Facebook Inc. (NASDAQ:FB)-. Yahoo originally launched in 1995 and went public in 1996. AOL was the only behemoth before Yahoo.Microsoft originally offered $44 billion, which Yahoo refused. After many CEO’s at Yahoo, Marisa Mayers took over to resurrect the company. 4.4 billion dollar loss under Marisa.
Yahoo got a massive email hack affecting its credibility and security. Verizon and Yahoo agree to reduce the price of $350 million to cover legal costs of the security breached. Mayers will not awarded her bonus, nor will she receive will not receive a stock award this year . Marisa Mayers will not be a part of the new company that will be named “ Oath”. She is expected to receive tens of millions of dollars in severance, but the exact payout is still to be determined. Tim Armstrong will lead the new company called “Oath”.
What will the new team at “ Oath” be comprised of?
Adam Cahan will likely be let go. He ran some units at Yahoo. CFO Ken Goldman will be departing. CRO Lisa Utzschneider is interested in being CEO, and Enrique MuÃ±oz Torres could still be on board heading up the advertising unit.
Alibaba a Yahoo asset will be renames Altaba.
There are 43 class action lawsuits for the security breach that affected users in the USA and abroad.
Yahoo! Inc. (NASDAQ:YHOO)is trading at 46.27 as of 12:30 PM Eastern time. Verizon Communications Inc. (NYSE:VZ) is currently at 49.21. Verizon communications is set to launch a Television streaming service on its network. Other networks are looking to secure streaming rights.
By: Leslie Cohen
Managing Editor- CWEB
Leslie Cohen Managing Editor Cweb.com and Creative Director Sales and Content Producer PMJI Group Paris Jewelry-iParis and Organic Greek. Leslie has a track record leading startups from the ground up, making them into profitable brands. Her skills have made products come alive that are being introduced to the market, or improving and expanding a current product line. She has been with the above companies for over ten years and works closely with the founder and CEO in product development. She produces both written and visual content, and manages social media for the companies.
Leslie is also available for freelance projects at www.azpublishers.com