Verizon today completed its acquisition of the operating business of Yahoo. As expected, CEO Marissa Mayer is departing the business.
Earlier this year Verizon announced Yahoo’s media properties would be merged with AOL’s existing business to create a new subsidiary, Oath headed up by former AOL CEO Tim Armstrong.
Oath’s portfolio includes HuffPost, Yahoo Sports, AOL.com, Makers, Tumblr, Build Studios, Yahoo Finance and Yahoo Mail.
Armstrong said: “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. 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.”
Armstrong is also leading efforts to continue to build new advertising technology solutions through brands such as One by AOL and BrightRoll.
Marni Walden, Verizon president of Media and Telematics, said: “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.”
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