The iconic name Yahoo will reportedly be renamed when it merges with AOL after a Deal with Verizon closes. The new brand will be called “Oath.” Announced in July, Verizon will acquire Yahoo’s internet businesses for $4.8 billion.

Yahoo’s cyberattacks

After the deal, Verizon would take control of the company’s core internet businesses such as Yahoo’s search, mail, content and advertising tech. However, the deal didn’t go as smoothly as planned.

Verizon initially wavered the deal after Yahoo revealed that it had two massive cyber attacks. The company was hacked in 2013 and affected a billion user accounts and again in 2014, in which 500 million user accounts were affected.

The attacks were made by Russian hackers and were charged by the Justice Department last month. Yahoo had to cut $350 million off from its selling price to Verizon because of these attacks.

Tim Armstrong, CEO of AOL, posted the new name on his Twitter account.

Yahoo’s CEO won’t be taking the “Oath”

Marissa Mayer, CEO of Yahoo, will not join the new company. Terms of her departure are still being discussed. She will likely be owed tens of millions in severance pay and other kinds of perks that CEO’s usually get. Her exit is not much of a surprise, considering the recent hacking disasters and the significant decline of Yahoo’s business during her four-year stay with the company.

Mayer joined Yahoo in 2012 and was expected to save the troubled company. She was able to help bring the company into the mobile scene after she refreshed the company’s services for smartphones and tablets. However, Mayer wasn’t able to figure out how to make lucrative deals from the company’s properties.

Other Yahoo business

There would be parts of Yahoo that Verizon will not be buying such as Yahoo’s 15% of the Chinese company Alibaba and a part of Yahoo Japan. The company announced in January that it would continue under the name Altaba.

The deal is expected to close in the second quarter of this year around April 24. Both parties have an option to seek a three-month extension after that date and there’s a possibility for one of them to terminate the deal.
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