Verizon has completed its acquisition of the Yahoo’s internet business for $4.48 billion.
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.
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 begins operation today as a global leader in digital and mobile.
Armstrong will also leading efforts to continue to build the industry’s most advanced and open advertising technology solutions, with brands such as ONE by AOL and BrightRoll that span across mobile, video, search, native and programmatic ads.
Marni Walden, President of Media and Telematics, Verizon
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, CEO, Oath (former CEO of AOL)
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.
