Verizon forms Oath media division with Yahoo and AOL brands

The new division will be headed up by AOL's Tim Armstrong

Verizon will combine Yahoo and AOL to form a new media division called 'Oath'.

The Yahoo media brand is not changing under Verizon, but will be grouped with other brands in the new media division.

AOL CEO Tim Armstrong confirmed the name through a tweet late on Monday night. He said the two companies would combine to have more than 20 brands and more than a billion consumers, as well as hinting that the launch would be this summer. A Twitter account for Oath has also been created.

Verizon acquired AOL for $4.4 billion in 2015 and owns sites such as Engadget, The Huffington Post and TechCrunch, and will soon own Yahoo's Tumblr and Flickr businesses.

Advertisement - Article continues below

The division will be formed once Verizon closes the $4.83 billion (3.89 billion) acquisition of Yahoo. The deal has been lowered by $350 million after two cyber attacks came to light where 1 billion customer accounts were compromised in 2013 and another 500 million in 2014.

Yahoo CEO Marissa Mayer will not be continuing with the new company, which will instead be led by Armstrong. Mayer will not receive her full payout following the hacks but should still receive $23 million, losing $9 million.

Advertisement
Advertisement - Article continues below

The parts of Yahoo that Verizon are not buying, including its 15% share in Chinese retail giant Alibaba, and 35.5% share of Yahoo Japan, will continue under the rebranded name Altaba.

Verizon is seen to be trying to take on Google's parent company, Alphabet, and other rivals with this new conglomerate by grouping its digital content services under one umbrella.

Featured Resources

Preparing for long-term remote working after COVID-19

Learn how to safely and securely enable your remote workforce

Download now

Cloud vs on-premise storage: What’s right for you?

Key considerations driving document storage decisions for businesses

Download now

Staying ahead of the game in the world of data

Create successful marketing campaigns by understanding your customers better

Download now

Transforming productivity

Solutions that facilitate work at full speed

Download now
Advertisement

Most Popular

Visit/mobile/google-android/356373/over-2-dozen-additional-android-apps-found-stealing-user-data
Google Android

Over two dozen Android apps found stealing user data

7 Jul 2020
Visit/laptops/29190/how-to-find-ram-speed-size-and-type
Laptops

How to find RAM speed, size and type

24 Jun 2020
Visit/cloud/356260/the-road-to-recovery
Sponsored

The road to recovery

30 Jun 2020