For years now, Yahoo has been in a bad shape. Last year, the internet company was up for sale, and companies were bidding. It appears, after all the setbacks, Verizon is buying, and there will be a whole lot of accompanying changes. Yahoo will take up a new corporate identity. Some board members will step down, and part of the company will be renamed to Altaba. Sounds weird right?
What then happens to Yahoo?
Following the proposed $6.5 billion ($US4.8 billion) sale of its digital services to Verizon Communications, Yahoo will be renamed to Altaba Inc after it hands over its email, websites, mobile apps and advertising tools to the new owners. The sale has been greatly affected by the recent hacks that involved the exposure of over 1 billion user accounts.
Yahoo CEO Marissa Mayer, cofounder David Filo, and three other directors will step down. For the new Altaba, Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith, will remain, with Brandt serving as Chairman. Word has it that the new company will be an “investment company.”