Verizon Communications Inc. today completed its acquisition of the operating business of Yahoo! Inc.

Verizon has combined these assets with its existing AOL business to create a new subsidiary, Oath, a diverse house of more than 50 media and technology brands that engages more than a billion people around the world.

The Oath portfolio includes HuffPost, Yahoo Sports, AOL.com, MAKERS, Tumblr, BUILD Studios, Yahoo Finance, Yahoo Mail and more, with a mission to build brands people love.

Marni Walden, Verizon president of Media and Telematics, said in a statement, “The close of this transaction represents a critical step in growing the global scale needed for our digital media company. The combined set of assets across Verizon and Oath, from VR to AI, 5G to IoT, from content partnerships to originals, will create exciting new ways to captivate audiences across the globe.”

Tim Armstrong, former CEO of AOL, is now CEO of Oath, which is part of Verizon’s Media and Telematics organization. He has been leading integration planning teams since the Yahoo transaction was announced in July 2016, and Oath begins operation today as a global leader in digital and mobile. See www.oath.com for further information.

Armstrong said in a statement, “We’re building the future of brands using powerful technology, trusted content and differentiated data. We have dominating consumer brands in news, sports, finance, tech, and entertainment and lifestyle coupled with our market leading advertising technology platforms. 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.”

Armstrong is also leading efforts to continue to build the industry’s most advanced and open advertising technology solutions, with brands such as ONE by AOL and BrightRoll that span across mobile, video, search, native and programmatic ads.

Given the inherent changes to Marissa Mayer’s role with Yahoo resulting from the closing of the transaction, Mayer has chosen to resign from Yahoo. Verizon wishes Mayer well in her future endeavors.

Read more in the full article here.

MacDailyNews Take: One more time (for now*):

Yahoo CEO Marissa Mayer (photo by Brigitte Lacombe)

Yahoo CEO Marissa Mayer (photo by Brigitte Lacombe)

*We expect Mayer, who’s only 42, won’t be riding off into the sunset just yet.

SEE ALSO:
Marissa Mayer will pocket $186 million when Verizon fully acquires Yahoo next month – May 26, 2017
CEO Marissa Mayer drops the ax, shutters about half of Yahoo’s content verticals – February 17, 2016
Yahoo CEO Marissa Mayer gets a chance to make one last stand – February 3, 2016
Yahoo to lay off 15% of staff, close five offices, explore non-strategic asset sales – February 2, 2016
Yahoo investors running out of patience with CEO Marissa Mayer – January 4, 2016
Hedge fund manager blasts Marissa Mayer for equipping employees with 22,000 iPhones – January 4, 2016
Yahoo board to weigh future of company, Marissa Mayer, source says – December 2, 2015
Yahoo or Microsoft can terminate search deal anytime on or after October 1st – April 21, 2015
Microsoft loses exclusivity in Yahoo search deal shake up – April 17, 2015
Yahoo gains further US search share; Google falls below 75% for first time – February 3, 2015
Microsoft, Yahoo vie to become Apple Safari’s default search option – November 26, 2014
Firefox dumps Google for default U.S. search, switches to Yahoo/Bing – November 20, 2014
Yahoo’s Marissa Mayer was right to ban working from home, right? – August 12, 2014
Yahoo CEO Marissa Mayer wants to save Google a billion dollars – April 18, 2014
Yahoo’s strategy: Rebuild search, take share, win iOS from Google – April 17, 2014