Tech
Powered by cricketnext logo
»
1-min read

Yahoo To be Named Altaba, Merissa Mayer to Leave Post Verizon Deal

Yahoo has a deal to sell its core internet business, which includes its digital advertising, email and media assets, to Verizon.

Reuters

Updated:January 10, 2017, 8:10 AM IST
facebookTwittergoogleskypewhatsapp
Yahoo To be Named Altaba, Merissa Mayer to Leave Post Verizon Deal
Yahoo CEO Marissa Mayer delivers her keynote address at the annual Consumer Electronics Show (CES) in Las Vegas, Nevada in this January 7, 2014, file photo. REUTERS/Robert Galbraith/Files
Loading...

Yahoo Inc (YHOO.O) that it would rename itself Altaba Inc and Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc (VZ.N).

Read more: Lenovo P2 With Massive 5,100mAh Battery Launching Exclusively on Flipkart on January 11

Yahoo has 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 the transaction may even be called off - after Yahoo last year disclosed two separate data breaches; one involving some 500 million customer accounts and the second involving over a billion.

Read more: Jet White Apple iPhone to Release Soon?

Verizon executives have said that while they see a strong strategic fit with Yahoo, they are still investigating the data breaches.

Five other Yahoo directors would also resign after the deal closes, Yahoo said in a regulatory filing on Monday.

Read more: Xolo Era 2X With Fingerprint Sensor Starts retailing at Rs 6,666 on Flipkart

The remaining directors will govern Altaba, a holding company whose primary assets will be a 15 percent stake in Chinese e-commerce company Alibaba Group Holding Ltd (BABA.N) and 35.5 percent stake in Yahoo Japan.

The new company also named Eric Brandt chairman of the board, effective Jan. 9.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp

Live TV

Loading...
Loading...