Yahoo’s share price more than tripled during Marissa Mayer’s five years as chief executive.

Eric Risberg/Associated Press

SAN FRANCISCO — It’s official: Yahoo, one of the founding companies of the internet era, is no more.

Verizon Communications, a telecommunications giant that was a cluster of local phone companies when two Stanford University graduate students began compiling their famous web directory in 1994, completed its purchase on Tuesday of Yahoo’s internet business for $4.48 billion.

Yahoo will be combined with AOL, another faded web pioneer, into a new division of Verizon called Oath, under the leadership of AOL’s chief executive, Tim Armstrong.

Oath has about 1.3 billion users who visit at least once a month, and Verizon hopes to use its range of content and create new forms of advertising to attract more viewers and marketers to the platform. The company also intends to cut costs, with plans to lay off about 2,100 people, or about 15 percent of Oath’s staff.

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