Altaba is Yahoo’s New Name After Verizon Deal

by Praneeth Karnena 0

Altaba - Yahoo's New Name

Altaba, the new dirty name of Yahoo! after the Verizon deal. Altaba, alternative to Alibaba. Verizon agreed to acquire Yahoo! for an estimated $4.8 billion. While the deal may seem very cheap and low for the tech giant, it is to be noted that Verizon has just set to acquire a part of the Yahoo! kingdom. Yes, as per the deal, Verizon will be the new owner of Yahoo’s core internet businesses, email services and various apps. Right now, Yahoo! has a 15% share in the e-commerce giant, Alibaba and another 35% share in Yahoo! Japan. After the Verizon deal, Yahoo’s share in Alibaba and Yahoo! Japan will be left behind. These two leftovers now act as a new investment company which is to be called Altaba.

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Chinese Internet Giant, Alibaba
Chinese Internet Giant, Alibaba

 

As of now, Yahoo! owns a 15% stake in Alibaba which is worth $35 billion. So the name Altaba, the company announced in security filings on Monday. Verizon – Yahoo! deal is expected to be completed by March. The leftovers of Yahoo! are referred to as RemainCo in security filings. Also, the new company will be traded publicly. Yahoo CEO Marissa Mayer, co-founder David Filo and four other directors currently on the company’s 11-member board will resign after the Verizon deal.

 

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Marissa Mayer, the current CEO of Yahoo!
Marissa Mayer, the current CEO of Yahoo!

 

The Yahoo! – Verizon deal was shook after a security breach which let out the credentials of 1 billion user accounts that occurred in  2013 and 2014. After the hack, some private sources say that Verizon is looking forward for asking a discount in the deal. Monday changes: Yahoo! director Eric Brandt became the company’s chairman. He replaces Maynard Webb, who becomes chairman emeritus until the Verizon deal closes. Mayer, Filo and Eddy Hartenstein, Richard Hill, Webb and Jane Shaw are the ones to leave the board after Verizon deal closes.