Yahoo to Have New Name Once Internet Business Sale Gets Finalized

Technology
Yahoo to Have New Name Once Internet Business Sale Gets Finalized Yahoo! from abhisawa / Flickr with CC BY 2.0

With new year comes new changes, and Yahoo is trying to revamp its whole brand in that respect. Longtime businesses sometimes reach a point where it is not making money anymore. Other times, it just needs a rebranding to keep up with the rapidly changing times and types of consumers.

Yahoo was once the king of the Internet, as noted by Forbes. Since it was first launched, it provided a search engine, email services, news, and the like. It was as big as Google and Facebook are today. However, at present, Yahoo will have to give up its spot. It is now being sold for little despite its $125 billion heyday.

Selling A Legend

Now, Yahoo has no other choice but to sell its business in hopes of reviving it. According to the NY Times, there isn’t a final decisionyet, but the company is already looking into a deal with Verizon Communications.

In case the deal does go through, Yahoo already has plans for the future. The business will reportedly be sold for $4.8 billion, and Yahoo plans to rename itself “Altaba” when that happens.

The name sounds odd but is essentially a nameplay of the biggest asset remaining in the company. This is the 15-percent stake in the Chinese e-commerce giant Alibaba. Also, it is reported that Altaba would own a 35.5. percent stake in Yahoo Japan.

Who Are Still In The Company?

Due to this major rebranding, more than half of its current board members will step down, including Maynar Webb, company Chairman, and David Filo, company founder. This would also include Chief Executive Marissa Mayer.

On the other hand, others would remain after the name change. These include activist investor Jeffrey Smith, former investment bankers Catherin J. Friedman and Tor Braham, former chief financial officer of Broadcom, Eric Brandt, and former chief financial officer of IAC, Thomas McInerney.

However, all of this entirely depends on the deal, as there is still some negotiation on the business. Verizon executives are considering paying less for the company after Yahoo’s hacking episodes. The second of those episodes actually affected more than a billion user accounts.

Youtube/Bloomberg

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