VERIZON TAKES OVER YAHOO’S INTERNET BUSINESSES

Verizon has taken over Yahoo’s internet businesses, completing a $4.5 billion deal that will usher in a new management team to attempt to wring more advertising revenue from one of the internet’s best-known brands. Tuesday’s closure of the sale ends Yahoo’s 21-year history as a publicly traded company. It also ends the nearly five-year reign of Yahoo CEO Marissa Mayer, who isn’t joining Verizon.

Mayer will walk away from Yahoo with a compensation package currently worth about $125 million, including her severance pay and stock awards that will be fully vested with the deal’s completion.

Yahoo’s email and other digital services such as sports, finance and news will be run by Tim Armstrong, who has been running AOL since Verizon bought that company for $4.4 billion two years ago. Armstrong will now be CEO of a new Verizon subsidiary called Oath, which will consist of Yahoo and various AOL services.

About 2,000 Yahoo and AOL workers are expected to lose their jobs as Verizon trims expenses and eliminates overlapping positions.