Combined with the 150 million unique monthly AOL users, Oath has an attractive advertising proposition. It will effectively serve as a holding company for Yahoo's large stake in Alibaba, the Chinese e-commerce company.
The announcement comes just a few days after Verizon finalized its acquisition of Yahoo. And this package including her severance pay and stock awards that will be fully vested with the completion of the deal.
"While reaching this moment has certainly been a long road traveled, it marks the end of an era for Yahoo, as well as the beginning of a new chapter - it's an emotional time for all of us". If you didn't know about Yahoo Esports you probably haven't missed much, but if you did and enjoyed their content, I'm sorry to inform you that you won't be seeing any more of it from now on as the company is shutting down soon. Those companies will belong to the newly formed company called Altaba.
Verizon has taken over Yahoo, completing a $4.5 billion deal that will usher in a new management team to attempt to wring more advertising revenue from one of the internet's best-known brands.More news: Draco Malfoy se convierte en músico callejero
Oath will fall under Verizon's Media and Telematics organization.
Separately, Verizon yesterday began cutting staff at Yahoo's sites by laying off 39 journalists at HuffPost.
"As Yahoo Sports becomes part of Oath, they are focusing on aligning with the new company strategy and are focused on growing the Yahoo Sports brand", Gafford said in a statement posted on Yahoo Esports.
The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed past year.
Verizon also said it expected to save over US$1 billion in operating costs through 2020 as a result of the Yahoo deal, which closed on Tuesday. As a result of the fallout, Verizon shaved $350 million off of the purchase price.