Yahoo has officially been acquired by Verizon, with the company buying Yahoo’s core Internet assets for $4.48 billion.
According to CNN, the deal will see Yahoo CEO Marissa Mayer resign from the company, and receive a $23-million severance package.
Yahoo and AOL will form a new digital media company under Verizon called Oath, stated the report.
“Verizon’s goal is to use Yahoo’s enormous reach to compete with the likes of Facebook and Google,” said CNN.
The report stated that Verizon expects to cut up to 2,100 employees as part of the deal.
“What remains of Yahoo will be renamed Altaba Inc. It will serve as a holding company for Yahoo’s stake in Alibaba.”
The deal marks the end of Yahoo as an independent company, a stint which lasted over 20 years.