Verizon Completes Yahoo Acquisition. Creates Oath Subsidiary

RMN Digital | June 14, 2017 | Finance | No Comments

Yahoo CEO Marissa Mayer

Verizon Communications Inc. completed Tuesday its acquisition of the operating business of Yahoo! Inc.

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 according to the company 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.

Tim Armstrong, former CEO of AOL, is now CEO of Oath, which is part of Verizon’s Media and Telematics organization.

He has been leading integration planning teams since the Yahoo transaction was announced in July 2016, and Oath began operation Tuesday.

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.

Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York City, has a diverse workforce of 161,000 and generated nearly $126 billion in 2016 revenues.

Photo courtesy: Yahoo