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.
Reps for Yahoo and AOL did not respond to requests for information about Mayer’s status.
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.
— Tim Armstrong (@tim_armstrong) April 3, 2017
Armstrong’s tweet came after an earlier report about the new name by Business Insider.
[UPDATE, April 4: AOL has launched a new section of its website with information on Oath, which encompasses 25-plus brands of AOL and Yahoo. On Tuesday, an AOL rep explained the name in an email: “By definition, an Oath is a commitment. The name reflects who we are, what we stand for, and the promises we make to each other, our consumers, our customers and our partners.”]
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.
— Nick Baumann (@NickBaumann) April 3, 2017