Yahoo and AOL will be combined into a new company called Oath, after Verizon completes the acquisition of Yahoo
Yahoo is set to be renamed Oath after its future owner Verizon completes its $ . bn (£ . bn) acquisition of the tech giant.
Verizon will combine Yahoo and AOL into the new company, it was confirmed yesterday. AOL chief executive Tim Armstrong tweeted: “Billion+ Consumers, + Brands, Unstoppable Team. #TakeTheOath. Summer .”
Verizon has agreed to buy Yahoo’s internet business for about $ . bn (£ . bn) in cash.
The remaining parts of Yahoo, including its stake in Chinese e-commerce giant Alibaba, will be called Altaba.
Yahoo CEO Marissa Mayer will not be a part of the new company, sources told tech website Recode.
The company will be headed by AOL’s Armstrong and will be called “Oath-in-chief”.
Mayer will step down from the board after the tech giant completes its $ . bn (£ . bn) deal with Verizon, it was revealed in a filing with the US Securities and Exchange Commission (SEC) in January.
Other senior executives set to resign from the company include David Filo, Eddy Hartenstein, Richard Hill, Jane Shaw, and Maynard Webb.
Mayer’s leadership came under the spotlight last year when Yahoo disclosed a second major hack attack, twice the size of the previous one it revealed early on last year, and which experts called the biggest hack in history.