Oath Inc
Get Oath Inc essential facts below. View Videos or join the Oath Inc discussion. Add Oath Inc to your PopFlock.com topic list for future reference or share this resource on social media.
Oath Inc

Verizon Media
Formerly
Oath Inc. (2017-2019)
Division
Industry
FoundedJune 13, 2017; 3 years ago (2017-06-13)
Headquarters,
U.S.
Area served
Worldwide
Key people
Guru Gowrappan (CEO)
Brands
Services
Number of employees
10,350[1] (2019)
ParentVerizon Communications
Websitewww.verizonmedia.com
Footnotes / references
[2][3][4]

Verizon Media is a division of Verizon Communications that focuses on media and online business. Verizon Communications acquired AOL in 2015.[5][6] When Verizon Communications purchased Yahoo! in 2017, it merged AOL and Yahoo! into a subsidiary named Oath Inc.[3][7][8]

In December 2018, Verizon announced it would write down the combined value of its purchases of AOL and Yahoo! by $4.6 billion, roughly half.[9]

Verizon renamed the company Verizon Media in January 2019.[10] Within Verizon Media, AOL and Yahoo! maintain their respective brands.

Operations

Verizon Media is a division of Verizon Communications. The company maintains dual headquarters at the former AOL and Yahoo! headquarters buildings in Manhattan, New York, and Sunnyvale, California, respectively.[11] As of December 2019, the company employed about 10,350 people.[1]

History

Verizon announced a $4.4 billion deal to acquire AOL in May 2015.[12] The deal was an effort by Verizon to expand its technology and media offerings.[12] The deal officially closed a month later.[6][12]

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.[13] Yahoo! announced in September and December 2016 two major Internet security breaches affecting more than a billion customers.[14] As a result, Verizon lowered its offer for Yahoo! by $350 million to $4.48 billion.[15]

The AOL deal and subsequent Yahoo! purchase were led by Verizon's management team, including Lowell McAdam (CEO), Marni Walden (EVP Product) and Tim Armstrong.[9] Walden had been tasked with merging the two entities and delivering on the promise of moving Verizon from an analog to digital platforms business.[16] Walden exited Verizon in 2017 and as later events revealed, the integration did not deliver the expected value.

Oath logo, 2017-2019

Two months before closing the deal for Yahoo!, Verizon announced it would place Yahoo! and AOL under an umbrella named Oath.[17] The deal closed on June 13, 2017, and Oath was launched.[18] Upon completion of the deal, Yahoo! CEO Marissa Mayer resigned.[18] 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.[18] After the merger, Oath cut fifteen percent of the Yahoo-AOL workforce.[3] In 2018, Altaba sold Yahoo! Japan to SoftBank Group.

In April 2018, Helios and Matheson acquired the Moviefone movie listings website from Oath. As part of the transaction, Verizon took a stake in Helios and Matheson Analytics stock.[19][20]

In May 2018, Verizon and Samsung agreed to terms that would preload four Oath applications ("apps") onto Samsung Galaxy S9 smartphones.[21] The agreement includes Oath's Newsroom, Yahoo! Sports, Yahoo! Finance, and go90 mobile video apps (closed in July 2018), with integration of native Oath advertisements into both the Oath apps and Samsung's own Galaxy and Game Launcher apps.[22][23]

On September 12, 2018, it was announced that K. Guru Gowrappan would succeed Tim Armstrong as CEO, effective October 1.[24]

On December 3, 2018, the company declared a new set of rules for the Tumblr community that took effect December 17, 2018, banning "adult content". This move raised objections that it harms their LGBTQ community, sexual abuse survivors, sex workers, adult content blogs, and other bloggers.[25][26] The move came after the Tumblr app was removed from the Apple App Store due to issues with child pornography,[27] leading some to speculate that the ban may have been made to regain access to the App Store.[28]

In December 2018 Verizon announced that it was cutting 10% of Oath's workforce[29] and would write down the value of the business by $4.6B. Verizon management blamed competitive pressures and that the business never achieved the anticipated benefits.[30] The move wiped out all of the goodwill on the balance sheets that accompanied the acquisitions.[9]

Oath was renamed Verizon Media on January 8, 2019.[10]

In August 2019, Verizon sold Tumblr to Automattic, the owner of WordPress.com, for an undisclosed amount which was reportedly less than $3 million.[31]

Brands

Some of the digital media brands under Verizon Media include:[32]

Divested

Verizon had partial ownership of Moviefone's former parent company, Helios and Matheson Analytics Inc., until its liquidation in 2020.

Discontinued

References

  1. ^ a b Flynn, Kerry (December 10, 2019). "Verizon Media plans to lay off 150 people this week". CNN. Retrieved 2019.
  2. ^ Hackett, Robert (3 August 2016). "Read What Yahoo Is Telling Employees About the Verizon Deal". Fortune.com. Retrieved 2017.
  3. ^ a b c Spangler, Todd (June 19, 2017). "Tim Armstrong Unveils Oath: AOL-Yahoo Combo Is as Big as Netflix and Looking to Expand". Variety. Retrieved 2017.
  4. ^ Lomas, Natasha. "Latest round of Verizon layoffs at Oath affects <4% of staff globally". TechCrunch. Retrieved .
  5. ^ Lunden, Ingrid (23 June 2015). "Verizon completes its acquisition of AOL for $4.4B". Tech Crunch. Retrieved 2017.
  6. ^ a b Snider, Mike (23 June 2015). "Verizon completes AOL acquisition, readies mobile video service". USA Today. Retrieved 2017.
  7. ^ Goel, Vindu (2017-06-13). "Verizon Completes $4.48 Billion Purchase of Yahoo, Ending an Era". The New York Times. ISSN 0362-4331. Retrieved .
  8. ^ Chokshi, Niraj; Goel, Vindu (2017-04-03). "Verizon Announces New Name Brand for AOL and Yahoo: Oath". The New York Times. ISSN 0362-4331. Retrieved .
  9. ^ a b c Spangler, Todd (11 December 2018). "Verizon to Take $4.6 Billion Charge for Oath, Wiping Out Nearly All of Yahoo-AOL Unit's Goodwill Value". Variety.com. Retrieved 2018.
  10. ^ a b "Oath is now Verizon Media". Oath. 2019-01-07. Retrieved .
  11. ^ Schubarth, Cromwell (14 June 2017). "Confirmed: Combined Yahoo, AOL cutting 2,100 jobs". Silicon Valley Business Journal. Retrieved 2017.
  12. ^ a b c DiChristopher, Tom (23 June 2015). "Verizon closes AOL acquisition". CNBC. Retrieved 2017.
  13. ^ Goel, Vindu (2016-07-25). "Verizon Announces $4.8 Billion Deal for Yahoo's Internet Business". The New York Times. ISSN 0362-4331. Retrieved .
  14. ^ Goel, Vindu; Perlroth, Nicole (2016-12-14). "Yahoo Says 1 Billion User Accounts Were Hacked". The New York Times. ISSN 0362-4331. Retrieved .
  15. ^ Fiegerman, Seth (21 February 2017). "Verizon cuts Yahoo deal price by $350 million". CNN. Retrieved 2017.
  16. ^ O'Reilly, Lara (25 July 2016). "This woman has been given the job of merging Yahoo with AOL". Business Insider.
  17. ^ Chokshi, Niraj; Goel, Vindu (2017-04-03). "Verizon Announces New Name Brand for AOL and Yahoo: Oath". The New York Times. ISSN 0362-4331. Retrieved .
  18. ^ a b c Tharakan, Anya George; Shepardson, David (13 June 2017). "Verizon closes Yahoo deal, Mayer steps down". Reuters. Retrieved 2017.
  19. ^ Smith, Gerry (April 5, 2018). "MoviePass Acquires Moviefone to Bolster Film-a-Day Service". Bloomberg. Retrieved 2018.
  20. ^ Carr, Flora (April 5, 2018). "MoviePass Just Bought Moviefone. Here's What It Means for Moviegoers". Fortune. Retrieved 2018.
  21. ^ Bode, Karl (4 May 2018). "Verizon Brings Its Oath, Yahoo Bloatware to Samsung Phones". DSLReports.com. Retrieved 2018.
  22. ^ Gartenberg, Chaim (2 May 2018). "Verizon is putting Oath bloatware like Go90 on its Galaxy S9 phones". The Verge. Retrieved 2018.
  23. ^ Sloane, Garett (2 May 2018). "Verizon Uses Mobile Might to Get Oath Apps Onto Samsung Phones". AdAge. Retrieved 2018.
  24. ^ Fung, Brian (12 September 2018). "Verizon says Oath CEO Tim Armstrong is stepping down". The Washington Post.
  25. ^ Ho, Vivian (2018-12-03). "Tumblr's adult content ban dismays some users: 'It was a safe space'". The Guardian. Retrieved .
  26. ^ Kelly, Heather (2018-12-03). "How Tumblr's adult content crackdown could alienate users". CNN Business. Retrieved .
  27. ^ Porter, Jon (2018-11-20). "Tumblr was removed from Apple's App Store over child pornography issues". The Verge. Retrieved 2018.
  28. ^ Roettgers, Janko. "Tumblr to Ban All Adult Content". Nasdaq. Retrieved 2018.
  29. ^ Byers, Dylan (14 December 2018). "Verizon plans to cut 10 percent of Oath staff". NBC News. Retrieved 2018.
  30. ^ Jackson, Abby (2018-12-11). "Verizon will write down $4.6 billion in value of Oath, the unit that combined AOL and Yahoo assets". Business Insider. Retrieved .
  31. ^ Siegel, Rachel (13 August 2019). "Tumblr once sold for $1.1 billion. The owner of WordPress just bought the site for a fraction of that". The Washington Post.
  32. ^ "Our brands". Retrieved 2019.
  33. ^ Krouse, Sarah (January 23, 2019). "Verizon To Lay Off 7% of Media Group Staff". The Wall Street Journal. Retrieved 2019.
  34. ^ Miller, Chance (2019-08-12). "WordPress owner Automattic to acquire Tumblr for 'nominal amount'". 9to5Mac. Retrieved .
  35. ^ Statt, Nick (2018-06-28). "Verizon is shutting down its original video app Go90". The Verge.

External links


  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.

Oath_Inc
 



 



 
Music Scenes