2358981563422ba532414o100696376orig
Business Management

Yahoo will become Altaba, lose Mayer after Verizon buyout

Yahoo intends to change its name to Altaba once the sale of its internet portal to Verizon is completed. CEO Marissa Mayer and co-founder David Filo also will leave the company then, Yahoo said in a regulatory filing on Monday.

The changes are part of a $4.8 billion dollar deal signed in July 2016 to sell Yahoo.com to Verizon.

Once that deal is complete, Yahoo will become an investment company and the board will be reduced from 11 to five people. Altaba's main holdings will be stakes in Chinese e-commerce giant Alibaba and major Japanese Internet portal Yahoo Japan.

The deal with Verizon has been under a cloud since Yahoo disclosed two major breaches of its user database. The latest, which was disclosed in December 2016 but which happened three years earlier, involved the theft of details on a billion users. That makes it the largest internet data breach ever disclosed.

IDG Insider

PREVIOUS ARTICLE

« CyberPowerPC's Oculus-ready system costs $499 -- if you buy a Rift

NEXT ARTICLE

The Hub Robot will talk to your LG smart appliances »
author_image
IDG News Service

The IDG News Service is the world's leading daily source of global IT news, commentary and editorial resources. The News Service distributes content to IDG's more than 300 IT publications in more than 60 countries.

  • Mail

Recommended for You

International Women's Day: We've come a long way, but there's still an awfully long way to go

Charlotte Trueman takes a diverse look at today’s tech landscape.

Trump's trade war and the FANG bubble: Good news for Latin America?

Lewis Page gets down to business across global tech

20 Red-Hot, Pre-IPO companies to watch in 2019 B2B tech - Part 1

Martin Veitch's inside track on today’s tech trends

Poll

Do you think your smartphone is making you a workaholic?