Yahoo, following its $4.5 billion acquisition by Verizon, will be merged with the Internet company with AOL under a new division called Oath, reports said.
In a tweet, AOL Chief Executive Tim Armstrong confirmed the new Oath company, which will include at least 20 brands and will come in summer 2017.
CNBC reported, citing Armstrong, that the new Oath brand that Verizon will use to encompass AOL, Yahoo and other online properties will be mostly for business partners.
Armstrong said, “It’s not a consumer brand. The most important brands we have are around Yahoo Finance, Yahoo Sports, Tumblr, Huffington Post, and so forth.”
Armstrong also said the integration of the brands into Oath should take 12 to 18 months.
It is expected that Oath will act as a holding company for properties like Yahoo Mail, Yahoo News, Yahoo Finance, and other services with the Yahoo name.
An AOL spokesperson reportedly said, “In the summer of 2017, you can bet we will be launching one of the most disruptive brand companies in digital.”
Verizon acquired AOL for $4.4 billion in 2015, and it bid for Yahoo in the following year for $4.83 billion. However, Verizon reportedly reduced its deal price after Yahoo, which has more than one billion users across its properties, revealed two unprecedented data breaches affecting majority of accounts.
by RTT Staff Writer
For comments and feedback: [email protected]