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Combined AOL, Yahoo Division to Be Named ‘Oath,’ Marissa Mayer Reportedly Not Coming Aboard

Variety logo Variety 4/3/2017 Todd Spangler
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Once Verizon completes the takeover of Yahoo’s internet businesses, it’s going to merge them with AOL — and the new entity will be called “Oath,” AOL CEO Tim Armstrong confirmed Monday.

Yahoo CEO Marissa Mayer will not be joining Oath, according to anonymous sources cited by Recode. Previously, Mayer had told employees that she intended to stay on post-merger. Under the terms of her contract, Mayer will get an exit package worth $23 million if she is terminated or quits for good cause following Verizon’s acquisition.

Armstrong posted a logo for the new company on Twitter Monday afternoon, with the message: “Billion+ Consumers, 20+ Brands, Unstoppable Team. #TakeTheOath. Summer 2017.” According to an AOL rep, the company will continue to use both the AOL and Yahoo brand names.

Armstrong’s tweet came after an earlier report about the new name by Business Insider.

Verizon and Yahoo have said they expect the deal to close sometime in the second quarter, after initially targeting Q1. That was delayed after Yahoo disclosed two massive data breaches — one of which U.S. officials have traced to Russian spies — leading Verizon to reduce the purchase price by $350 million, to about $4.48 billion.

Per the terms of the original agreement, the deadline for the deal to close is April 24, 2017, but may be extended by three months, according to a Yahoo regulatory filing.

Word of the merged AOL-Yahoo’s new name immediately prompted snickering on social media, with some drawing comparisons to Tronc, the odd-sounding name Tribune Publishing adopted last summer.

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