AOL chief Tim Armstrong took to Twitter on Monday to introduce the new brand name that will soon appear on internet devices of millions of customers around the world. While it isn't clear if the Yahoo name is going to live on, the company's internet assets will be run by Verizon's AOL division. "Finance, Yahoo! Sports, Tumblr, Huffington Post". What in tarnation? Is the combination of Yahoo and AOL some kind of demonic telecom funded cult?
"Oath is the name of the evil tech company in the sci-fi story you wrote in 7th grade", one person tweeted, while another asked "Who is doing their marketing?"
According to sources at Recode, Marissa Mayer will not be continuing with the new company.
It's not known whether the Yahoo name will continue on as any part of Oath.
This will culminate in a digital powerhouse consisting of 1bn-plus consumers and more than 20 global brands.
An AOL spokeswoman later added that this summer, "one of the most disruptive brand companies in digital" will be launched.
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The Yahoo that you know is not changing its name. But the most important brands we have are things like Yahoo! However, after two very large hacks affected about 1 billion user accounts and stole personal information from them, the company chose to cut the price.
In a deal that was announced in July, Verizon will acquire Yahoo's core internet business for about $4.8 billion in cash.
An independent investigation concluded this year "certain senior executives" at Yahoo "did not properly comprehend or investigate" the security breach.
This situation is very similar to what happened in January when Yahoo Inc filed an 8-K form stating its planned name for the company that will remain after Verizon buys Yahoo: Altaba. The deal was delayed due to Yahoo's recent hacking disaster and the decline in business.
Not included in the deal are Yahoo's 15-percent stake in Chinese retail juggernaut Alibaba, and a part of Yahoo Japan, which was a joint venture with SoftBank.