Yahoo! no more, to be renamed Altaba when its CEO, Marrisa Mayer steps down after the sale between US telco Verizon is completed.
The new company also named Eric Brandt as the chairman of the board. (Effective January 9)
Yahoo! inked a deal to sell its core internet business, which includes its digital advertising, email and media assets, to Verizon for $4.83 billion. The terms of that deal could be amended, or it may even be called off —after Yahoo! disclosed two separate data breaches last year; one involving some approximately 500 million customer accounts breached and the second involving over a billion.
It will be renamed to Altaba. And after the sale, only five board members will remain: Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith. After the sale, Altaba will hold a 15 percent ownership of Alibaba and a 35.5 percent stake in Yahoo Japan, and will likely operate as an investment company moving forward.
Five other Yahoo directors would also resign after the deal closes, Yahoo! said in a regulatory filing on Monday.
Verizon has been keen on acquiring the struggling tech company for a while now, but a massive data breach has put that deal into question. Verizon reportedly asked for a discount on that $4.8 billion deal, and even now there’s no guarantee that Verizon will push through with the purchase.
Let’s hope for the best, at least.