AOL and Yahoo to merge into new firm Oath

Yahoo is reportedly getting a new name.                  Ethan Miller Getty Images

Yahoo is reportedly getting a new name. Ethan Miller Getty Images

That division, which will house 20-plus brands, according to AOL CEO Tim Armstrong, is what will be known as Oath. "Summer 2017", the Twitter post read. CFO Ken Goldman is also departing, although on his own steam as has been expected since the Verizon-owned Oath is lousy with financial types in NY.

An Ars Technica piece titled, "Yahoo+AOL = Oath?".

"Q: What will determine success?"

In July, Verizon announced it acquired Yahoo's core Internet business - search, mail, content and ad-tech businesses - for about $4.8 billion in cash.

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

Yahoo in September previous year announced that hackers in 2014 stole personal data from more than 500 million of its user accounts and in December it admitted to another cyberattack from 2013 affecting more than a billion users. The Recode internet blog said Tuesday Mayer could be entitled to up to $23 million, although it remains unclear whether the full payment will be made, considering Yahoo's poor business figures in the past four years and the costs arising from the hacker attacks.

Under the terms of the revised acquisition agreement, Yahoo will continue to cover the cost of a US Securities and Exchange Commission (SEC) probe into the breaches as well as shareholder lawsuits.

However, other government investigations and third-party litigation related to the hacks are to be shared by Verizon and Yahoo. The new name was first reported by Business Insider.

Yahoo boasted having more than a billion users monthly in 2016.

Meanwhile, the parts of Yahoo that aren't being acquired by Verizon are also expected to be rebranded.

Verizon should be buttoning up the purchase of Yahoo in June and once that's done the company will merge it and AOL into a new brand named Oath.

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