Tag acquisition of yahoo
The acquisition of Yahoo by Verizon!
In July 2016, Verizon Communications announced that it would acquire Yahoo's core internet business for $4.48 billion. The deal was completed in June 2017, and Yahoo became a subsidiary of Oath, a subsidiary of Verizon.
Here's a brief timeline of the acquisition:
- July 25, 2016: Verizon announces its intention to acquire Yahoo's core internet business for $4.48 billion.
- August 2016: Yahoo's board of directors approves the deal.
- October 2016: The US Federal Trade Commission (FTC) clears the deal, subject to certain conditions.
- February 2017: Yahoo agrees to pay $350 million to settle a lawsuit related to a 2013 data breach.
- June 13, 2017: The acquisition is completed, and Yahoo becomes a subsidiary of Oath.
- August 2017: Oath announces that it will lay off about 2,000 Yahoo employees, or about 15% of the company's workforce.
The acquisition was seen as a strategic move by Verizon to expand its digital media and advertising capabilities. At the time, Yahoo was one of the most popular online destinations, with over 1 billion monthly active users.
However, the acquisition was also marked by controversy and challenges. In 2013, Yahoo suffered a massive data breach, which exposed the personal data of over 3 billion users. The breach was widely criticized, and Yahoo faced numerous lawsuits and regulatory investigations.
In addition, the acquisition was seen as a major setback for Yahoo's brand and reputation. Many users were concerned about the security and privacy implications of the deal, and some even abandoned the platform.
Today, Yahoo is still a subsidiary of Oath, and its services are integrated with Verizon's other digital media properties, including AOL and HuffPost. While the acquisition was seen as a significant move by Verizon to expand its digital presence, it has also been marked by controversy and challenges.