Verizon Closes Yahoo Acquisition, Launches Oath
Verizon Communications today said it has finalized its purchase of Yahoo. Now that the deal is complete, Verizon is merging its Yahoo and AOL assets into a new media company called Oath. Oath encompasses some 50 brands, including HuffPost, Yahoo Sports, AOL.com, Makers, Tumblr, Build Studios, Yahoo Finance, Yahoo Mail, and many more. Yahoo CEO Marissa Meyer, a former Google exec, has resigned effective today. Yahoo's properties will be managed by Tim Armstrong, who already oversees Verizon's AOL business unit. The $4.8 billion deal was first announced in July 2016. The process suffered a major blow when Yahoo disclosed a material security breach that impacted more than 1 billion users. The two companies later agreed to drop the sale price by $350 million, with the final price tag landing at about $4.48 billion. Marni Walden, executive vice president and president of Product Innovation and New Businesses at Verizon, presided over the acquisition. Armstrong will report to her. The company is expected to shed as many as 2,100 jobs as it integrates AOL and Yahoo's properties. Verizon Communications is the parent company of Verizon Wireless.
Verizon Only Carrier to Sell Google Pixel, But There Are Options
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Google Intros 'Zero-Touch' Android Enterprise Deployments
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Google Refocuses Daydream View Headset
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Yahoo Adds Package Tracking to iOS Mail App
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Verizon to Buy Yahoo's Internet Business for $4.8B
Verizon Communications today said that it has agreed to buy Yahoo's core internet and search businesses for $4.83 billion. Yahoo's properties will join AOL under Verizon's ownership, to be managed by Marni Walden, EVP and President of the Product Innovation and New Businesses organization at Verizon.