The assets, which include Yahoo Finance, will be combined with AOL brands such as the Huffington Post under a new subsidiary called Oath. Tim Armstrong, former CEO of AOL, will head the subsidiary, which houses more than 50 media and technology brands.
Mayer, Yahoo CEO since July 2012, is expected to receive a "golden parachute" payment that filings with the Securities and Exchange Commission say isworth more than $23 million.
Verizon announced plans to buy Yahoo's core internet business last July. After the deal was announced, Yahoo disclosed that it had discovered two data breaches in 2013 and 2014 affecting more than 1 billion user accounts.
The two companies then agreed that the final acquisition price would be $350 million less than the original offer of about $4.8 billion.