Verizon takes over Yahoo to complete $4.5 billion deal

FILE - In this Jan. 13, 2009 file photo, Yahoo Inc. headquarters in Sunnyvale, Calif. is seen Tuesday, Jan. 13, 2009. (AP Photo/Paul Sakuma, file)

Verizon has taken over Yahoo, 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.
RELATED: Verizon to combine Yahoo, AOL into Oath

Yahoo's email and other digital services will be run by Tim Armstrong, who has been in charge of AOL. Armstrong is now CEO of a new Verizon subsidiary called Oath, which will consist of Yahoo and AOL services.

Verizon won't be getting Yahoo's prized stakes in two Asian internet companies, Alibaba Group and Yahoo Japan. Those will belong to a newly formed company called Altaba.

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