According to a tweet Monday by the AOL chief AOL and Yahoo will be combined into a unit called Oath after Verizon buys the pioneering internet firm,
“Billion+ Consumers, 20+ Brands, Unstoppable Team. #TakeTheOath. Summer 2017,” the Twitter post read.
A price slash early this year had kept Verizon on track to complete the purchase of Yahoo’s internet business.Yahoo slashed the price of its core internet business by $350 million.
As per the revised terms of the delayed deal, Verizon’s purchase of Yahoo assets valued $4.48 billion.
Yahoo also disclosed hacking of personal data from more than 500 million of its user accounts. And in December it admitted to another cyber attack from 2013 affecting more than a billion users.
Under the terms of the revised acquisition agreement, Yahoo will also continue to cover the cost of a US Securities and Exchange Commission (SEC).
However, other government enquiries and third-party trials related to the hacks will be shared by Verizon and Yahoo.
Yahoo’s deal with Verizon was expected to close by July, and it will also end Yahoo’s functioning as an independent company after 20 long years.
Yahoo is selling its main operating business as a way to keep it distinct from its more valuable stake in Chinese internet giant Alibaba.This will emerge as a new entity, will be renamed as Altaba, Inc., and will act as an investment company.
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Madhurima Goyal, From ITvoir News Desk