Verizon has combined these assets with its existing AOL business to create a new subsidiary, 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, Yahoo Mail and more, with a mission to build brands people love.
Marni Walden, Verizon president of Media and Telematics, said, “The close of this transaction represents a critical step in growing the global scale needed for our digital media company. 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.”
Tim Armstrong, former CEO of AOL, has been named CEO of Oath. "We’re building the future of brands using powerful technology, trusted content and differentiated data", says Armstrong. "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."
Marissa Mayer, former CEO of Yahoo, has resigned. "As I look back on these achievements, I want to sincerely thank every single Yahoo employee, past and present, for your contributions both large and small. I’m tremendously grateful for all of the hard work and the many sacrifices you’ve made. We always endeavored to do the right thing for our users, advertisers, shareholders, and fellow Yahoos. This has required the most impressive displays of teamwork, innovation, and resilience I’ve ever seen, and working with you has made my time as CEO nothing short of a privilege."