SmugMug acquires Flickr
Verizon’s (VZ) Oath recently sold Flickr to SmugMug, a family-run company that operates an online photo-sharing service that goes by the same name, USA Today reported. Flickr is also a photo-sharing service that became part of Oath following Verizon’s 2017 acquisition of Yahoo. Oath is Verizon’s digital media and advertising arm. It consists of Yahoo and AOL assets, which Verizon acquired for about $10.0 billion.
Oath eliminating non-core assets
There has been some of pruning at Oath, where some operations are being eliminated as Oath strives to keep the best aspects of its Yahoo and AOL assets. The sale of Flickr seems to be part of this process, as Oath is dropping redundant or non-core assets.
Oath recently sold off several assets. It sold Moviefone to Helios and Matheson Analytics, which run the movie ticket subscription service MoviePass. Moviefone became part of Oath through the acquisition of AOL. Oath also recently sold Polyvore to SSENSE. Polyvore became part of Oath through the acquisition of Yahoo.
Nearly $350 billion in the digital advertising sector
According to eMarketer, Verizon’s Oath tied in position with Microsoft (MSFT) as the third-largest online ad seller in the US last year. Amazon (AMZN) and Twitter (TWTR) ranked fourth and fifth, respectively. Facebook (FB) and Alphabet’s (GOOGL) Google topped the chart, with the two accounting for 58.5% of the country’s entire digital ad spending in 2017. Worldwide spending on digital advertising is poised to reach $347.7 billion in 2022, according to Magna.