rahul1117kumar
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Bye, bye Yahoo. Hello, Altaba. As the $5 million deal between Verizon and Yahoo comes to a close, the former internet giant is headed to lose its CEO, and along with it, its iconic name. When the largest US carrier decided to acquire Yahoo, it planned to take charge of its core internet businesses, including the once popular email service, sports verticals and apps. Now, the remainder of the company which wasn’t sold has been renamed as ‘Altaba’ – a derivation from Alibaba – in which Yahoo owns a 15 percent stake.
According to a filing by Yahoo with the Securities and Exchange Commission (SEC), most of the Yahoo board will be stepping down, including CEO Marissa Mayer . Five other Yahoo directors are also expected to resign after the deal closes. Although there is no confirmation, it is expected that Mayer might get a role in Yahoo’s integration at Verizon.
Mayer took over the challenging task of turning around the money-losing company back in 2012. Despite her attempts at resurrecting the company’s fortunes in front of competition, she couldn’t save the sinking ship. Further marred by major data breaches reported last year, the company was left red-faced in front of its investors.
While the Verizon-Yahoo deal is in its final stages, the terms of the deal could be amended or the transaction may even be called off over two separate data breaches, which were recently disclosed by the internet company, Reuters reports. One of the data breaches compromised account-related data of over 500 million customers, while the other compromised over a billion such accounts. The extent of damage worsened when reports indicated that the hacked data was being sold on the dark web for as low as $1. Verizon continues to see Yahoo as a strong strategic fit, but executives are still investigating the major data breaches .
Remaining directors of Yahoo will govern the newly-branded Altaba, which will be a holding company whose primary assets will be stake in Alibaba and 35.5 percent stake in Yahoo Japan. The new company will have Eric Brandt as its chairman of the board. Brandt is a former finance chief of semiconductor company Broadcom. The holdings in Alibaba are worth about $35 billion and the idea behind choosing Altaba as the name is that the stocks of the new company can now be tracked as an alternative to Alibaba, Washington Post reports.
Despite a turn of fortune and events, Yahoo continued striving to regain some popularity by announcing new updates to its internet assets. Recently, the company introduced updates to its Messenger and Mail services.
Yahoo to be renamed ‘Altaba’; CEO Marissa Mayer to step down
According to a filing by Yahoo with the Securities and Exchange Commission (SEC), most of the Yahoo board will be stepping down, including CEO Marissa Mayer . Five other Yahoo directors are also expected to resign after the deal closes. Although there is no confirmation, it is expected that Mayer might get a role in Yahoo’s integration at Verizon.
Mayer took over the challenging task of turning around the money-losing company back in 2012. Despite her attempts at resurrecting the company’s fortunes in front of competition, she couldn’t save the sinking ship. Further marred by major data breaches reported last year, the company was left red-faced in front of its investors.
While the Verizon-Yahoo deal is in its final stages, the terms of the deal could be amended or the transaction may even be called off over two separate data breaches, which were recently disclosed by the internet company, Reuters reports. One of the data breaches compromised account-related data of over 500 million customers, while the other compromised over a billion such accounts. The extent of damage worsened when reports indicated that the hacked data was being sold on the dark web for as low as $1. Verizon continues to see Yahoo as a strong strategic fit, but executives are still investigating the major data breaches .
Remaining directors of Yahoo will govern the newly-branded Altaba, which will be a holding company whose primary assets will be stake in Alibaba and 35.5 percent stake in Yahoo Japan. The new company will have Eric Brandt as its chairman of the board. Brandt is a former finance chief of semiconductor company Broadcom. The holdings in Alibaba are worth about $35 billion and the idea behind choosing Altaba as the name is that the stocks of the new company can now be tracked as an alternative to Alibaba, Washington Post reports.
Despite a turn of fortune and events, Yahoo continued striving to regain some popularity by announcing new updates to its internet assets. Recently, the company introduced updates to its Messenger and Mail services.
Yahoo to be renamed ‘Altaba’; CEO Marissa Mayer to step down
