Verizon Communications Inc. on Tuesday said it’s named former AOL Chief Executive Tim Armstrong as the CEO of its new subsidiary, Oath. On Tuesday Verizon closed its acquisition of Yahoo Inc.’s operating business. Verizon has combined the assets from the acquisition with its existing AOL business to create Oath, which will house more than 50 media and technology brands, including HuffPost, Tumblr and Yahoo Sports and Yahoo Finance. “We’re building the future of brands using powerful technology, trusted content and differentiated data,” Armstrong said in a statement. Armstrong will also be tasked with leading efforts to continue building advertising technologies and platforms such as ONE by AOL and BrightRoll that work across mobile, video, search, native and programmatic ads. Shares of Verizon are down more than 12% in the year to date, while the S&P 500 index has gained close to 9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News