Yahoo! Incorporated was sold in July of two thousand sixteen for close to five billion dollars. It is early in January of two thousand seventeen and this transaction looks more legitimate with each passing day. Although, Yahoo could back out of this deal at any moment.
Marissa Mayer their Chief Executive Officer might be leaving the board of directors at Yahoo. Also, other board members might be leaving. Yahoo has surfed rough waters for years now. They were part of two hacking scandals whereby five hundred million to one billion yahoo account holders may have had their data compromised.
Also, Yahoo was caught spying on real time incoming email messages of their users. The Federal Bureau of Investigation along with National Spy Agency, I mean National Security Agency, demanded that Yahoo! create a customized internal search application so that incoming emails could be monitored. Marissa Mayer never stood her ground and followed these orders. Anyhow, now Yahoo is going to change their name to Altaba.
Basically, Verizon purchased Yahoo’s core Internet businesses. Email service, sports verticals and various applications will become the property of Verizon Communications Incorporated. Any remaining part of Yahoo would become part ownership in Alibaba.
Yahoo filed with the Securities and Exchange Commission. They plan on finalizing this deal in March of two thousand seventeen. Allegedly, Altaba is a play on “alternative” and “Alibaba”.
Yahoo owns about fifteen percent of Alibaba. Altaba will become publicly available stock. Yahoo will still be known as Yahoo if bought by Verizon. Altaba, will become a holding company perhaps similar to Alphabet becoming a holding company of Google.
The remaining thirty plus billion dollars of cash, stock, assets, Alibaba stakes, and Yahoo Japan would become Altaba. Altaba would not have a board of directors. Yahoo would then reduce their board of directors to just five.