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Yahoo Renamed Altaba due to Yahoo Verizon Deal: CEO will Step Down
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Yahoo is probably one of the initial web portals a majority of the people belonging to this century has used. Not only have this, but a large chunk of people created their e-mail accounts in Yahoo. Long before Facebook and Twitter set up their roots on the internet, Yahoo Messenger was the exclusive form of social media available to the masses. This Californian technology company suddenly announced that it will change its name. The news of Yahoo renamed โ€˜Altabaโ€™ will change the identity of this internet giant. This is because all their lives everyone has been so accustomed to the presence of Yahoo that addressing it as Altaba might be peculiar initially.

Yahoo announced today that it will adopt a new identity by the name of Altaba when the deal with Verizon communications will materialize. The market value of the Yahoo Verizon deal is around $4.8 billion. This includes the sale of Yahooโ€™s digital services to Verizon. Earlier rumors went around stating that Verizon showed disinterest in the deal. This was in accordance with the two incidents of the Yahoo security breach that came to light. Despite such factors, the deal is in its final stages.

Yahoo renamed Altaba

Yahoo will be known by the name of Altaba.

Yahoo renamed Altaba and its consequences

The process of Yahoo renamed Altaba will take place once the company hands over its websites, e-mails, mobile apps, and advertising tools to Verizon. The new name โ€˜Altabaโ€™ is due to the company's large stake in Chinaโ€™s e-commerce giant Alibaba and its partnership with Yahoo Japan. These transactions will proceed despite major changes under a separate sector in the name of Altaba.

Due to the Yahoo Verizon deal, only five board members of the company will stay back at Altaba. These include Eric Brandt, Tom Braham, Catherine Friedman, Jeffrey Smith, and Thomas Mclnerny. Apart from these members, the rest of the entire board of Yahoo, including its CEO Marissa Mayer, will not be a part of the new company. Rumors suggest that Mayer might receive an offer for a post when Yahoo integrates with Verizon. But there is no substantial report about it yet.

The company gave out the news about Yahoo renamed Altabaย in a filing with the Securities and Exchange Commission (SEC). This filing gives a hint about how Yahoo is moving forward in its deal with Verizon. This is despite the multiple security breaches in the past year which affected more than a billion users. Because of this incident, there might be a bargain or absolute termination of the Yahoo Verizon deal.

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