CBN Advert

newscorner

Business news

After sale, Yahoo to be renamed Altaba

No Comments Share:

Fidelia Okafor.

Yahoo Inc (YHOO.O) said Monday 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).

Yahoo
Yahoo

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.

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.

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.

 

 

Previous Article

Shu’ara replaces Yemi-Esan as PM ministry of education

Next Article

Oil Prices recover from losses despite excess supply

You may also like

Leave a Reply

Your email address will not be published. Required fields are marked *