Verizon To Launch Oath, Will Oversee Yahoo and AOL Acquisitions

Verizon To Launch Oath, Will Oversee Yahoo and AOL Acquisitions

AOL CEO Tim Armstrong, who oversees the media division that will include Yahoo after the acquisition closes, subsequently confirmed the Oath name with a tweet. The new Verizon-owned entity is called Oath - we'll get to mocking name that later in the post - and is the combination of AOL and Yahoo.

The change is not the end of the Yahoo brand, Yahoo Finance reports, adding that Yahoo Finance, Yahoo Sports, and Yahoo Mail will all live on under the new division.

AOL declined to comment on the Recode report. So far, go90 has fallen short of Verizon's expectations, but the company apparently remains completely committed to the mobile app. Verizon has not said yet whether go90 will become part of Oath. The new company is expected to launch this summer after Verizon's (VZ, Tech30) acquisition of Yahoo is completed.

With the revelations of Oath, it doesn't seem likely that Armstrong nor current Yahoo CEO Marissa Mayer will be helming the new company.

Yahoo plus AOL equals Oath. Oath is also said to manage over 20 different digital brands.

"With a house of brands as diverse as ours, we wanted a name that was values led - one that honored our ultimate commitment of Building Brands People Love", the AOL statement said. The deal, which included Yahoo's core assets, real estate assets and some intellectual property, was initially pegged at $4.80 billion.

More news: Honda sales fall just under 1 percent as Acura struggles

It's important to note that Verizon isn't purchasing all of Yahoo's assets.

Yahoo announced in September that hackers in 2014 stole personal data from more than 500 million of its user accounts.

However, the transaction will happen bit later than originally anticipated, the delays came from Yahoo's huge security breach and the subsequent restructuring of the deal that saw Verizon save $350 million on its purchase.

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.

But, let us take one moment to discuss what exactly could've been the thinking behind naming the company Oath.

The Yahoo-Verizon deal is supposed to close in the second quarter of 2017, perhaps on or before April 24.

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