Yahoo will receive another corporate identity and cut the size of its board if the proposed $4.8 billion offer of its digital services to Verizon Communications goes through.
The company agreed to change its name to Altaba Inc. after it turns over its email, sites, mobile apps and advertising tools to Verizon. The new name is intended to mirror Yahoo’s change into a holding organisation for interests in China’s internet business pioneer, Alibaba Group, and Yahoo Japan that are worth about more than $40 billion consolidated.
Marissa Mayer, the CEO of perennial drain-circler Yahoo!, will step down from its top managerial staff, alongside other board members, after Verizon gets done gobbling up most of the internet portal.
In any case, the Verizon deal has been endangered by Yahoo’s late discovery of two hacking attacks that brought about the robbery of individual data from more than 1 billion client accounts.
Yahoo is battling to keep the deal in place. Verizon is reassessing whether it ought to renegotiate the business cost or maybe drop the arrangement in light of hacking disclosures that could trigger a reaction among Yahoo clients upset about sensitive personal details being stolen.