Death of Yahoo: Internet giant renames to ‘Altaba’ while CEO steps down from the board
While the internet is proclaiming “Yahoo is dead, long live Altaba!” as various news organizations announce that chief executive Marissa Mayer is soon to be out of a job, in reality Verizon’s $4.83 billion purchase of the search engine pioneer will not bring about such extreme change.
As outlined in the Guardian, it is in fact the part of Yahoo that Verizon is not buying that will be renamed Altaba, becoming little more than a holding company for its patent portfolio and investments, which includes a 35.5% stake in Yahoo Japan and a 15% stake in Alibaba.
It will have no staff and Mayer, along with five other boards members, will resign for its board. Eric Brandt is now Yahoo’s chairman.
The “Yahoo” brand remains a big part of Verizon’s plans, however, and comes as part of the core internet business it has secured, including digital advertising, email, news service and various media assets. They will be integrated with the Verizon-owned AOL.
Basically, if you’re still using an @yahoo.com address or like checking Yahoo Finance or Sport, there’s no need to worry. Yahoo remains the third most-visited web property in the US.
Mayer herself stated last year: “I’m planning to stay… It’s important to me to see Yahoo into its next chapter.” It still remains to be seen what role Verizon envisage for her.
The acquisition, which has been up in the air many times due to Yahoo’s data breach scandal, should be approved by regulators and completed in the first quarter.
January 20, 2017
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