Marissa Mayer is leaving Yahoo after five years as chief executive, it has finally been confirmed, after Verizon completed its $4.5bn (£3.5bn) takeover of the once-mighty internet giant.

Ms Mayer, who chose to leave instead of accepting a demoted position in the new company, will make almost $200m from leaving after the deal.

Verizon is buying Yahoo's core internet business and joining it with AOL in a combined company called Oath. What remains of the company, set up in 1994 as one of the first globally successful websites, is made up of large shareholdings in Alibaba and Yahoo Japan and will be renamed Altaba.