Tim Armstrong, AOL's CEO, tweeted out the new company's name on Monday, saying it should take effect by this summer.
Folks, the moment we've all been waiting for is finally official: Verizon is going to combine Yahoo and AOL into one conglomerate called "Oath". Wow!
Generally, there seems to be confusion as to where the name came from and how it relates to either Yahoo or AOL. Armstrong is expected to be given the task of running Oath, and is said to be in the middle of talks with Yahoo executives to determine who will stay, and who will be asked to leave.
This June, Verizon is scheduled to close on its purchase of Yahoo, valued at $4.48 billion excluding Yahoo's cash. Similarly, The Huffington Post, AOL.com and AOL Mail will survive under the Oath umbrella. Overall, Oath will begin operations with more than 20 brands under them. Yahoo CEO Larissa Mayer will quit the company's board.The internet business of Yahoo and AOL would be combined into a unit called Oath, US media reports said Tuesday.
Verizon has agreed to acquire Yahoo's YHOO, +0.04% core business for about $4.5 billion, after negotiating a $350 million discount following news of data breaches for the Web pioneer. "I love Yahoo, and I believe in all of you". Last month, the Department of Justice had indicted four individuals, including two offices of the Russian Federal Security Service, in connection with the Yahoo hack.
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After Verizon scoops up Yahoo's Internet assets, what remains of Yahoo - mostly investment holdings in Alibaba (BABA, Tech30) - will be renamed Altaba.
Recode added that Adam Cahan, senior vice president of mobile and emerging products at Yahoo, is also likely to get the boot, while communications products head Jeff Bonforte is set to be one of the few executives to stay.
Just like us, Roberts is also unclear about the reasons why it's named Oath.
The Kremlin denied any official Russian involvement in cybercrimes after the U.S. indicted two FSB intelligence agents over cyber attacks on Yahoo that compromised 500 million accounts.