Verizon To Launch Oath, Will Oversee Yahoo and AOL Acquisitions
AOL's Tim Armstrong tweeted that Oath will manage more than 20 different brands.
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.
Tim Armstrong, AOL's top executive, posted a tweet Monday indicating Oath will manage more than 20 different brands. His tweet came after Business Insider reported that Oath would combine Yahoo's search, mail, content and advertising technology businesses with AOL under Verizon's executive vp Marni Walden.
Verizon is counting on the combination of Yahoo and AOL to help it sell more digital ads, even though the two internet pioneers had trouble on their own.
The news follows a report from Recode earlier in the day that Yahoo CEO Marissa Mayer will not be joining the company when it finalizes its sale to Verizon.
The report also claimed by AOL CEO Tim Armstrong, who Recode reports is in the process of deciding which Yahoo executives to keep on his team. The report also notes that Yahoo CFO Ken Goldman will leave the company after the sale closes.
Additional reporting by Natalie Jarvey of THR.