Earlier this week, news leaked of Verizon's merger of AOL and Yahoo, which will be called Oath and will be launched in summer 2017.
AOL confirmed in a press statement to BW Businessworld that Oath will be an umbrella company of over 25 media and technology brands. This includes the addition of Yahoo following the expected deal which will close this summer. Verizon Communications struck a deal with on July 23, 2016, to buy Yahoo for $4.83 billion. This figure was later revised down to $4.4 billion in February 2017, in the wake of cyber attacks at Yahoo. Verizon had acquired AOL in June 2015 for $4.4 billion.
Tim Armstrong, Chief Executive of AOL, tweeted the confirmation along with the logo of the new company.
AOL said in the company statement that Oath will reach over a billion consumers. Some of the 25 brands include The Huffington Post, AOL.com, MAKERS and BUILD Studios. When Yahoo closes, brands like Yahoo Finance, Yahoo Sports, Yahoo Mail will join the portfolio.
"AOL and Yahoo brands will not only remain, but a core tenet of Oath will be to deeply invest in growing those brands. Oath is the umbrella and the portfolio of brands will comprise Oath - a house of brands structure. Oath is a values-led company, committed to building brands people love," the statement said.
Explaining the name 'Oath', the press statement stated,"By definition, an Oath is a commitment. The name reflects who we are, what we stand for, and the promises we make to each other, our consumers, our customers and our partners. Oath's values are shared commitments that unite our global community of technologists, storytellers, journalists, videographers, creators and data scientists."
Speaking on why the company will focus on the brands, the company said, "Brands connect with people across devices and span digital to physical worlds; Brands are trusted and safe; Brands drive innovation; Brand love spans generations; People read, watch, buy, share and refer the brands they love' Brands drive conversation, create change and start cultural movements; Brands make our lives better. Brands change the world."