Seven West ends Yahoo7 partnership
Seven West Media has sold its half-share of online media business Yahoo7 back to Yahoo's US owner, Oath.
Seven West CEO Tim Worner says ending the 12-year partnership is "the natural next step" as Seven takes greater control over distribution of its digital content.
Oath, a subsidiary of US giant Verizon, will continue to run the Yahoo7 business in Australia and New Zealand saying there was "a huge amount of opportunity for growth".
Yahoo7 CEO Ed Harrison will leave the company, as will the operation's chief financial officer and chief technical officer.
Chief revenue officer Paul Sigaloff will become managing director of the new business, which will be called Oath ANZ.
Mr Worner said Seven West had gained strong audience and revenue growth for its own digital products in the past 18 months.
The broadcaster has been growing its digital capabilities including launching an expanded online catchup and streaming service, 7Plus, in 2017.
Mr Worner said Seven West was leaving Yahoo7 "in great shape, with an audience of around nine million and a strong future ahead of it".
Seven West shares were 0.25 cents higher at 55.25 cents at 1244 AEDT in a lower overall Australian market.
Oath was created by Verizon in 2017 from the merger of its AOL and Yahoo digital businesses.
Oath houses a number of digital brands including Huffington Post, which operates in Australia, while Yahoo7 has news, sport, finance, lifestyle and entertainment sites and a digital advertising business.
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