The popular Search engine giant Yahoo will soon change its name to ‘Altaba.Inc’. The reason behind this is that the company is going to sell its internet business which includes its advertising tools, websites, mobile applications and e-mail services to Verizon. Co-founder David Filo and CEO Marissa Mayer will leave the company after that, said by Yahoo in a regulatory filing on 9th January, 2017.
These changes are part of a deal of $4.8 billion dollar, signed in July 2016 to sell Yahoo business to Verizon.
Once that deal takes place, Yahoo will adopt a new corporate identity and will become an investment company and the size of its board will be reduced from 11 to five people. Altaba’s main holdings will be stakes in Chinese e-commerce giant Alibaba and Yahoo Japan which worth more than $40 billion combined.
The new name seems to be a combination of these two words “alternative and Alibaba,” told by a person familiar with the company’s thinking, but did not want to be named because he/she was not authorized to speak on this matter.
The deal with Verizon has been a secret since Yahoo discloses massive data breaches of its user database. The latest theft was disclosed in December 2016 but exactly happened three years earlier, involved the details of a billion users being impacted.
For those who don’t know, Yahoo was founded by David Filo and Jerry Yang, who was Stanford students at the time of its launch. They also launched “Jerry and Dave’s Guide to the World Wide Web” in 1994, which became Yahoo in 1995.