"Build Brands People Love"
|Founded||June 13, 2017|
|Headquarters||New York City, New York and Sunnyvale, California, U.S|
|K. Guru Gowrappan (CEO)|
Number of employees
Oath Inc. (stylized as Oath:) is a subsidiary of Verizon Communications that serves as the umbrella company of its digital content subdivisions, including AOL and Yahoo!. Verizon acquired AOL on June 23, 2015 and Yahoo!'s operating business on June 13, 2017. Within Oath, AOL and Yahoo! maintain their respective brands.
Oath Inc. is a subsidiary of Verizon Communications. It is part of Verizon's Media and Telematics division. The company maintains dual headquarters in the former AOL and Yahoo! headquarters in Manhattan, New York, and Sunnyvale, California. Oath has offices elsewhere throughout the United States, in addition to Australia, Belgium, Brazil, Canada, China, Denmark, France, Germany, Hong Kong, India, Ireland, Israel, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Singapore, South Korea, Spain, Sweden, Taiwan, Thailand, and United Kingdom. Tim Armstrong, AOL's former CEO, was selected as Oath's chief executive. As of June 2017[update], Oath employs about 12,000 people.
Verizon announced a $4.4 billion deal to acquire AOL in May 2015. The deal was an effort by Verizon to expand its technology and media offerings. The deal officially closed a month later.
A year after the completion of the AOL acquisition, Verizon announced a $4.8 billion deal for Yahoo!'s core internet business, looking to invest in the internet company's search, news, finance, sports, video, email and Tumblr products. Yahoo! announced in September and December 2016 two major internet security breaches affecting more than a billion customers. As a result, Verizon lowered its offer for Yahoo! by $350 million to $4.48 billion.
Two months before closing the deal for Yahoo!, Verizon announced it would place Yahoo! and AOL under the Oath umbrella. The deal closed on June 13, 2017, and Oath was launched. Upon completion of the deal, Yahoo! CEO Marissa Mayer resigned. Yahoo! operations not acquired in the deal were renamed Altaba, a holding company whose primary assets are its 15.5 percent stake in Alibaba Group and 35.5 percent stake in Yahoo! Japan. After the merger, Oath cut 15 percent of the Yahoo-AOL workforce.
In May 2018, Verizon and Samsung agreed to terms that would preload four Oath apps onto Samsung Galaxy S9 smartphones. The agreement includes Oath’s Newsroom, Yahoo Sports, Yahoo Finance, and go90 mobile video apps, and the deal includes integration of native ads from Oath into both the Oath apps and Samsung’s own Galaxy and Game Launcher apps.
On September 12 2018, it was announced that K. Guru Gowrappan would succeed Tim Armstrong as CEO, effective October 1.
Some of the digital brands under Oath include:
- Flickr (sold to SmugMug in 2018)
- Moviefone (sold to Helios and Matheson in 2018)
- Polyvore (sold and merged into SSENSE in 2018)
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