Verizon is moving forward with a $4.8 billion (£4 billion) deal to acquire Yahoo, which will see Yahoo CEO Marissa Mayer step down and the company rename itself to Altaba Inc.
The internet firm has sold its core digital service to Verizon, including its digital advertising, email, websites, mobile apps, and other media assets.
Verizon is expected to keep the Yahoo brand, though the US telecoms firm is re-examining the terms of the deal after Yahoo last year disclosed two data breaches.
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The first of these breaches involved 500 million customer accounts, while the second involved more than a biliion, with Verizon not yet ruling out calling off the deal (via Reuters).
A regulatory filing from Yahoo reveals that five Yahoo directors would also resign if and when the deal is finalised, while the remaining directors would oversee the new Altaba Inc firm.
Altaba would function as a holding company with a 15% stake in Chinese company Alibaba, and a 35.5% stake in Yahoo Japan. Together these holdings are said to be worth more than $40 billion (£33 billion).
Mayer has led Yahoo since 2012, and
The company was once an internet giant, but was overtaken by other large online companies such as Google and Amazon.
Yahoo has an earnings call scheduled for later this month when more details about how the data breaches might affect the deal are likely to emerge.
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Editorial independence
Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
