Well folks, Yahoo is finally dead.
Yahoo! Inc. (“Yahoo” or the “Company”) (YHOO) announced today the preliminary results of its special meeting of stockholders (the “Special Meeting”) held today. Yahoo stockholders approved the previously announced proposed sale to Verizon Communications Inc. (“Verizon”) of the Company’s operating business (the “Sale Transaction”). In addition, Yahoo stockholders voted to approve the advisory vote on the compensation payable to the Company’s named executive officers in connection with the completion of the Sale Transaction.
One of the biggest companies to survive the first internet boom could not survive the reign of Marissa Mayer and has passed on into history. The brainchild of Jerry Yang and David Filo was born in 1994 and was an early precursor of Google. At one time Yahoo was valued at more than $100 billion. After some crises, business model mutations, economic turbulence and leadership changes, Yahoo was widely thought to be valued at "Please, take it away but we're keeping our Alibaba stock."
Like a somewhat ill middle-aged patient after being left alone with a dangerously inexperienced young doctor, Yahoo could not survive the caretaking of Marissa Mayer. Despite making the equivalent of $900K-a-week, Mayer oversaw one of the most swift and precipitous declines in the history of American business. Beset by everything from unprecedented hacking scandals to her own decision-making, Mayer saw Yahoo's core business atrophy, yet somehow managed to keep the company on life support using the adrenaline syringe of a $57 billion stock stake in Chinese e-commerce behemoth Alibaba.
What was once Yahoo will now be tor asunder, leaving something that will now exist as part of Verizon and a ghost ship of assets floating upon the seas of finance bearing the undecipherable moniker "Altaba."
So now Yahoo is dead. It was a company that was large and important, fed people and clothed others. It as known to many and loved by some. It's name was strange and it never figured out really how to live as itself. Yahoo was a company and now it is dead.