AOL and Yahoo plan to call themselves by a new name after the Verizon deal closes: 'Oath'
And that new name is "Oath," sources tell Business Insider.
In a deal that was first announced last July, Verizon will acquire Yahoo's core internet business for about $4.83 billion in cash.Yahoo will then be merged with Verizon's AOL unit under Marni Walden - the executive vice president and president of product innovation and new businesses - with Verizon scooping up Yahoo's search, mail, content, and ad-tech businesses.
In January, Yahoo announced in an SEC filing that following the close of the merger, the parts of Yahoo that Verizon is not buying (which includes Yahoo's 15% of Chinese retail giant Alibaba and a part of Yahoo Japan, a joint venture with Softbank) will continue on under the name to Altaba.
It's unclear if the Yahoo name will live on at all for any part of the internet business that will be run by AOL. However, we expect to see a big new branding campaign in the coming week, along with more details about the new company.
Yahoo declined to comment on the new name. While an AOL spokesperson neither confirmed nor denied the new name, she did tell us to watch for the "launching" of the new company. "In the summer of 2017, you can bet we will be launching one of the most disruptive brand companies in digital."
The Yahoo Verizon deal is supposed to close in the second quarter of 2017, perhaps on or before April 24. Aafter April 24, the parties can seek a 3-month extension but there's also an opening for either party to terminate the deal.