Seven West Media has sold its 50% stake in Yahoo7 to Oath Media with the deal expected to close by the end of August.
Oath's chief revenue officer Paul Sigaloff has been promoted to managing director of Oath, ANZ, a statement from Seven West Media said in announcing the sale.
As part of the transition, chief executive Ed Harrison, chief financial officer Penny Diamantakiou, chief technology officer Paul Russell and director of Product, Mark Robinson, will leave Yahoo7.
Yahoo7 was founded in 2006 and has grown to be a premium media and publishing company which reaches nearly half of the Australian population every month.
{loadposition sam08}Its digital advertising business has a large footprint in both the display and Adtech markets.
Oath has both media and technology brands and claims to engage one billion people around the world. The current Oath portfolio in ANZ also includes HuffPost and ONE by AOL. Global Oath brands include Yahoo, AOL, MAKERS, Engadget, TechCrunch, Tumblr, Flurry and the Build Series.
SWM chief executive Tim Worner said: "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.
“The natural next step of that strategy is to sell our stake in Yahoo7, which sadly means that we must part ways with our friends in Yahoo7 and our partners in Oath.
“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.”
Oath’s head of APAC, Rose Tsou, said: “Simplifying our structure in Australia and New Zealand is a big moment for Oath and our advertising and publisher partners. We see a huge amount of opportunity for growth through our global house of brands and technology platforms."