After its acquisition of Yahoo wraps up, Verizon plans to place AOL and Yahoo under the umbrella of a new company, called Oath.
AOL chief executive Tim Armstrong on Monday announced the move on Twitter, writing, “Billion+ Consumers, 20+ Brands, Unstoppable Team. #TakeTheOath. Summer 2017.”
AOL, which owns the Huffington Post, Engadget and TechCrunch, will pool all of the properties with Yahoo under the Oath umbrella, according to Armstrong, in an interview with CNBC.
“This is a sad thing for everyone who remembers when Yahoo and AOL were riding high,” said Dan Olds, an analyst for OrionX. “For many people, AOL was their first experience with the Internet and was probably their first email address. A lot of people’s first experience with Internet search, and other services, was probably with Yahoo. Unfortunately, the companies couldn’t keep up with the ever-changing competition and fell into the backwaters of the Internet.”