Yahoo’s assets have been blended with the telco’s AOL to forge a media subsidiary it calls Oath. It includes HuffPost, Yahoo Sports, AOL.com, Makers, Tumblr, Build Studios, Yahoo Finance, and Yahoo Mail.
Meanwhile, Mayer “has chosen to resign from Yahoo,” Verizon says.
Yahoo continues to exist as an investment company, based in New York City. It primarily owns 15% of Chinese e-retailer Alibaba and 36% of Yahoo Japan. On Friday it plans to change its name to Altaba, and change its Nasdaq trading symbol to AABA from YHOO.
The acquisition of Yahoo’s businesses “represents a critical step in growing the global scale needed for our digital media company,” says Verizon Media and Telematics President Marni Walden. “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.”
Tim Armstrong, who had run AOL, now is Oath’s CEO reporting to Walden.
“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,” he says.