SAN FRANCISCO — Verizon Communications will create a new company called Oath after it completes its $4.5 billion acquisition of Yahoo and melds the troubled internet company with its AOL operations.
Oath will oversee Yahoo and AOL after the deal is completed. The Yahoo and AOL brands are expected to survive, although Verizon says it won’t provide any details about its plans for Oath until this summer.
“You can bet we will be launching one of the most disruptive brand companies in digital,” AOL said in a Monday statement.
Tim Armstrong, AOL’s top executive, posted a tweet Monday indicating Oath will manage more than 20 different brands.
Verizon is counting on the combination of Yahoo and AOL to help it sell more digital ads, even though the two internet pioneers had been struggling on their own.
Yahoo originally agreed to sell its online operations to Verizon for $4.8 billion after years of unsuccessful attempts to boost its revenue.
It had to slash the price after discovering that two separate hacking attacks had stolen personal information from more than 1 billion user accounts.
Copy the Story LinkSend questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.