Verizon Communications has finalized its purchase of Yahoo. Now that the deal is complete, Verizon is merging its Yahoo and AOL assets into a new media company called Oath.
Oath encompasses some 50 brands, including HuffPost, Yahoo Sports, AOL.com, Makers, Tumblr, Build Studios, Yahoo Finance, Yahoo Mail, and many more. Yahoo CEO Marissa Meyer, a former Google exec, has resigned effective today. Yahoo’s properties will be managed by Tim Armstrong, the current leader of the AOL business unit.
The $4.8 billion deal was first announced in July 2016. The process suffered a major blow when Yahoo disclosed a material security breach that impacted more than 1 billion users. The two companies later agreed to drop the sale price by $350 million, with the final price tag landing at about $4.48 billion. M
arni Walden, executive vice president and president of Product Innovation and New Businesses at Verizon, presided over the acquisition. Armstrong will report to her. The company is expected to cut as many as 2,100 jobs as it integrates AOL and Yahoo’s properties.
