After Yahoo shareholder approval last week, Verizon today announced that it has finally closed its acquisition of Yahoo, which it plans to combine with its AOL assets into a subsidiary called Oath, covering some 50 media brands (including Tech Crunch) and 1 billion people globally.
It will be led by Tim Armstrong, who was the CEO of AOL before this.
Yahoo is an incredible brand and talent-based company and we have been impressed with the people, the products, and the spirit.
We want to bring everyone together today to talk about our future together.
The sale of Yahoo is another sign of the massive consolidation that continues to happen in the world of online media and content, as large companies look to bring together multiple audiences for economies of scale to build out stronger advertising businesses in competition with the likes of Google and Facebook.
“The close of this transaction represents a critical step in growing the global scale needed for our digital media company,” said Marni Walden, Verizon president of Media and Telematics (which will include Oath), in a statement.
But don’t cry for Verizon just yet: the company employs 161,000 people and made in revenues in 2016, with 113.9 million retail connections in its mobile business.
In this case, the focus in on ONE by AOL and its Bright Roll technology covering mobile, video, search, native and programmatic ads. Our combined services reach over a billion people each month.
Building brands people love is our mission and that gives us a billion people to keep building for everyday.
The talent level at the combined companies has been on display in every area of work that has been accomplished in order to get to today.
The team from Yahoo, led by Marissa, deserves a special thank you.