Verizon Communications Inc. is rebranding its Oath Inc. division as Verizon Media Group.
The brand change, which goes into effect Jan. 8, 2019, reflects efforts to transform the unit by focusing its work on 5G, artificial intelligence, machine learning and other technologies, Oath CEO Guru Gowrappan said Dec. 18.
Verizon created Oath in June 2017 by merging its AOL business with the acquired operating assets of Yahoo! Inc., now Altaba Inc. Oath's portfolio is composed of 50 media and technology brands, including HuffPost, Yahoo Sports, AOL.com, MAKERS, Tumblr, BUILD Studios, Yahoo Finance and Yahoo Mail, among others.
In November, Verizon unveiled a new operating structure that includes the Verizon Media Group/Oath, Consumer Group and Business Group segments. The company said the restructure is aimed at boosting opportunities in the 5G era.
Verizon is expecting a $4.6 billion write-down on Oath's value, which analysts said was not surprising due to increased competition in the online advertising business.