Thursday, 23 November, 2017

Verizon Communications taps former AOL head as CEO of Oath

Freda Brock | 17 June, 2017, 20:06

Armstrong appeared on the program one day after Verizon closed its $4.48 billion acquisition of Yahoo's core internet business.

Verizon, the No. 1 USA wireless operator, is combining Yahoo with AOL, which it bought two years ago, to form a venture called Oath, led by AOL CEO Tim Armstrong.

Verizon has made no indication of how it will use the Yahoo brand - which is used by over a billion people worldwide - but indicated it is keeping the names Yahoo Sports, Yahoo Finance, Yahoo Mail and more.

As part of the deal, ABC News reports that Verizon will acquire Yahoo's main operations, which include its email, sports, finance and news services.

Marni Walden, Verizon president of media and telematics, said the acquisition is a "critical step" in growing Verizon's Oath division to a worldwide scale. She added that the range of assets across Verizon and Oath, from VR, AI and 5G to IoT and content partnerships will "create exciting new ways to captivate audiences across the globe".

When the Verizon acquisition was confirmed in July past year, Seven West said it would consider a "range of options" to work out what was of most value to its shareholders. Mayer, CEO of the company since July 2012 is expected to receive a payment that is worth more than $23 million. Armstrong will now be CEO of a new Verizon subsidiary called Oath, which will consist of Yahoo and various AOL services.

Congressional Baseball Game is played a day after shooting
Security was tightened up Thursday at Nationals Park ahead of the annual Congressional Baseball Game , a day after U.S. Earlier Thursday morning, Ryan also tweeted that the time to pray for the victims of the shooting has not passed.

Armstrong is also leading efforts to continue building open advertising technology solutions, with brands such as ONE by AOL and BrightRoll that span across mobile, video, search, native and programmatic ads.

The $4.8 billion purchase of Yahoo, one of the oldest existing internet brands, had always been expected before the announcement in 2016.

Mayer went on to say that Yahoo has "confronted seemingly insurmountable business challenges, along with many surprise twists and turns" during her tenure.

"Verizon wishes Mayer well in her future endeavors", the company said in a release. As of June 19, Yahoo's rebrand, Atlaba, will begin trading under the symbol AABA.

Altaba will trade on Nasdaq under YHOO through Friday; starting Monday, it will trade under ticker AABA (no action required by stockholders).

Thomas McInerney, a Yahoo board member, will become Altaba's chief executive officer.

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