Verizon Completes Yahoo Deal, Creates New Company 'Oath'
Verizon has acquired Yahoo's operating business and formed a new company called "Oath."
"Oath" as in swear an oath, like "I'll be damned if I give up my Yahoo email!" Fortunately, nothing is likely to happen to your Yahoo email after all.
Oath, which includes Yahoo and AOL, will focus on advertising. It won't impact the law business directly, although 2,100 workers will be laid off in the transition.
Advertising for Verizon
Verizon said Oath will "continue to build the industry's most advanced and open advertising solutions, with brands such as One by AOL and BrightRoll that span across mobile, video, search, native and programmatic ads."
Oath's portfolio includes Yahoo Mail, Yahoo Finance, Yahoo Sports, HuffPost, AOL.com, Makers, Tumblr, Build Studios, and more, the company said.
"We have dominating consumer brands in news, sports, finance, tech, and entertainment and lifestyle coupled with our market leading advertising technology platforms," said Tim Armstrong, CEO of the new company. "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."
Verizon purchased Yahoo's operations, but the rest of the company's property will be held by Altaba. It will hold the company's 15 percent stake in Alibaba, its 35 percent share of Yahoo Japan, as well as other patents and investments.
In the transition, Marissa Mayer has resigned as CEO of Yahoo. Reportedly, she will receive a severance package worth about $23 million and stock worth about $187 million.
Reading that, you may want to swear an oath yourself, or at least start thinking about how to move up the corporate ladder.
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