One of the pioneering search engines and websites at the dawn of the internet era, Yahoo will soon become a nostalgic memory as it receives a new corporate identity and name ‘Altaba’ after its purchase by Verizon Communications.
The Yahoo digital services of email, websites, mobile apps and advertising will be turned over to Verizon under the proposed $4.8 billion sale and will become Altaba Inc.
The new name ‘Altaba’ has been selected in reference to China’s e-commerce leader, Alibaba Group for which Altaba will become a holding company for investments that are worth more than $40 billion combined.
The primary assets of Altaba will be 15 percent share in Alibaba Group Holding Ltd and 35.5 percent stake in Yahoo Japan.
The two computer hacking attacks in 2013 and 2014 on the Yahoo network which resulted in the loss of personal information from more than 1 billion user accounts initially jeopardized the Verizon deal. As a result, Verizon is reassessing its options of whether to renegotiate the sales price or cancel the deal altogether. Yahoo has been making efforts to insure the deal goes through.
After the expected sale to Verizon closes, Yahoo CEO Marissa Mayer, co-founder David Filo and four other directors on the Yahoo 11-member board are expected to resign.