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What is Verizon’s Oath? PDF Print E-mail
Wednesday, 14 June 2017 08:35


Yahoo shareholders voted to approve a revised agreement for Verizon to buy Yahoo's core Internet assets for $4.48 billion, according to preliminary results from a special shareholder meeting.

Verizon agreed to cut the deal price by $350 million in February following Yahoo's disclosures of two massive security breaches affecting more than one billion users.

Yahoo and AOL will form a new digital company under Verizon called “Oath”. Verizon is expected to cut as many as 2,100 employees from the combined venture, according to multiple reports.

"Given the inherent changes to Marissa Mayer’s role with Yahoo resulting from the closing of the transaction, Mayer has chosen to resign from Yahoo," the company said.

Verizon has combined Yahoo's online assets with its existing AOL business to create a new subsidiary dubbed Oath. Tim Armstrong, former CEO of AOL, is now CEO of Oath, which is part of Verizon’s media and telematics group.

The company called Oath "a diverse house of more than 50 media and technology brands that engages more than a billion people around the world."

The Oath portfolio includes HuffPost, Yahoo Sports, AOL.com, Makers, Tumblr, Build Studios, Yahoo Finance and Yahoo Mail, among others.

“The close of this transaction represents a critical step in growing the global scale needed for our digital media company," said Marni Walden, Verizon president of media and telematics. "The combined set of assets across Verizon and Oath, from VR to AI, 5G to IoT, from content partnerships to originals, will create exciting new ways to captivate audiences across the globe.”

Said Armstrong: "We’re building the future of brands using powerful technology, trusted content and differentiated data. We have dominating consumer brands in news, sports, finance, tech, and entertainment and lifestyle coupled with our market-leading advertising technology platforms. Now that the deal is closed, we are excited to set our focus on being the best company for consumer media, and the best partner to our advertising, content and publisher partners."

There were no announcements on who will head network security for the new entity…