It's official: Verizon finally takes over Yahoo

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. She leaves the company with an exit package valued at an estimated $23 million.

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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Yahoo stock peaked at over $400 a share, for a market cap of $111 billion, during the dot-com boom.

CBS MoneyWatch