Verizon has completed its $4.5bn (£3.5bn) acquisition of Yahoo. Verizon is combining Yahoo’s assets with Verizon with those of its AOL business to create a new subsidiary, Oath, which will bring together more than 50 media and technology brands including AOL, Huff Post, TechCrunch, Yahoo, Tumblr and Flickr. As had been expected, Yahoo CEO Marissa Mayer has resigned. She is replaced by Tim Armstrong, who was previously CEO of AOL.

He said: “We’re building the future of brands using powerful technology, trusted content and differentiated data. We have dominating consumer brands in news, sports, finance, tech, and entertainment and lifestyle coupled with our market leading advertising technology platforms. Now that the deal is closed, we are excited to set our focus on being the best company for consumer media, and the best partner to our advertising, content and publisher partners.”

Oath is part of Verizon’s Media and Telematics organization. Its president, Marni Walden, said: “The close of this transaction represents a critical step in growing the global scale needed for our digital media company. The combined set of assets across Verizon and Oath, from VR to AI, 5G to IoT, from content partnerships to originals, will create exciting new ways to captivate audiences across the globe.”