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
Advertisement - Article continues below
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.

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

What you need to know about migrating to SAP S/4HANA

Factors to assess how and when to begin migration

Download now

Your enterprise cloud solutions guide

Infrastructure designed to meet your company's IT needs for next-generation cloud applications

Download now

Testing for compliance just became easier

How you can use technology to ensure compliance in your organisation

Download now

Best practices for implementing security awareness training

How to develop a security awareness programme that will actually change behaviour

Download now
Advertisement

Most Popular

Visit/policy-legislation/data-governance/354496/brexit-security-talks-under-threat-after-uk-accused-of
data governance

Brexit security talks under threat after UK accused of illegally copying Schengen data

10 Jan 2020
Visit/microsoft-windows/32066/what-to-do-if-youre-still-running-windows-7
Microsoft Windows

What to do if you're still running Windows 7

14 Jan 2020
Visit/hardware/laptops/354533/dell-xps-13-new-9300-hands-on-review-chasing-perfection
Laptops

Dell XPS 13 (New 9300) hands-on review: Chasing perfection

14 Jan 2020
Visit/operating-systems/25802/17-windows-10-problems-and-how-to-fix-them
operating systems

17 Windows 10 problems - and how to fix them

13 Jan 2020