Seven West Media has sold its 50 per cent stake in media and publishing site Yahoo7 to US telecommunications company Verizon subsidiary, Oath.
Current chief revenue officer Paul Sigaloff has been promoted to managing director of Oath, ANZ, with the transaction is expected to complete by August.
The sale will result in four current Yahoo7 executives – chief executive Ed Harrison, chief financial officer Penny Diamantakiou, chief technology officer Paul Russell, and director of product Mark Robinson – leaving the company.
Seven West Media chief executive officer Tim Worner said the sale was the “natural next step” in its digital monetisation strategy.
“Over the past 18 months we have executed our strategy to control the distribution and monetisation of our digital products, and as a result we’re seeing strong audience and revenue growth,” Mr Worner said.
“We are proud of all that Yahoo7 has achieved since it launched in 2006 – from day one it has been at the forefront of Australian digital innovation. We leave it in great shape, with an audience of around nine million, and a strong future ahead of it. We wish the team the greatest success in all that they do.”
Yahoo7 has grown significantly in the past 12 years, with several news media sites including 7News, 7Sport and Yahoo Finance, email service Yahoo7 Mail and a digital advertising business servicing both the display and adtech markets.
Seven West will retain the Seven branded assets.