Verizon Communications is all set to complete its acquisition of Yahoo, and the new company will be named ‘Oath’. The $4.5 billion acquisition was initiated in 2016.
Verizon has not provided with any details about its plans with Yahoo and AOL, besides the fact that Oath will oversee both.
An official statement by AOL on Monday said that this launch will feature one of the most “disruptive” digital brand.
Besides Yahoo and AOL. Oath is also said to manage over 20 different digital brands. Despite the fact that Yahoo had been struggling on its own, Verizon is counting on it to sell more digital ads.
The take over of email and other online operations is said to be complete by June 30.
Tim Armstrong tweeted the following:
— Tim Armstrong (@tim_armstrong) April 3, 2017
Yahoo was set to be sold at $4.8 billion initially before two separate hacking attacks were discovered. This led to the theft of personal information of over 1 billion users. After this the new value of the deal was set at $4.5 billion.
Marissa Mayer, the current President of Yahoo is said to receive a $23 million severance package if she is fired after the deal.
Verizon’s offer of $.5 billion was seen as a saviour for the company by many as the company had been plumeting into depreciation over the last five years.
This deal excludes Yahoo’s 15% stake in Alibaba and Yahoo Japan, which will now be called Atlaba.