Yahoo7 Joint Venture To Continue
Seven West Media and AOL/Verizon have announced they will continue to invest in their Australian joint venture Yahoo7.
Following the completion of Verizon’s acquisition of Yahoo, which will be merged with AOL in new Verizon subsidiary Oath, Seven West Media confirmed amendments had been made to the Yahoo7 joint venture agreement.
Seven’s existing PLUS7 catch-up service on the Yahoo7 platform will be replaced by a new platform fully owned by Seven within the next six months.
According to Seven West Media, the Yahoo7 joint venture “will be tasked with exploring new opportunities with a broader content set including content from AOL/Verizon”.
Alongside the new catch-up platform, Seven West Media also said the companies would “explore broader opportunities that build on Oath’s consumer brands, original content, ad tech, proprietary data and potential acquisitions to further scale Yahoo7 in the region”.
“Our JV partners own and operate one of the world’s largest digital advertising businesses and we look forward to driving home this leadership in local and global best content, technology and innovation,” Seven West Media’s chief revenue officer Kurt Burnette said.