Altaba is the new name of Yahoo’s investment arm, not the firm as a whole
News of Yahoo changing its name to Altaba has sent the tech world into a flutter this morning, but the web portal and email service likely still be known as Yahoo.
For those that aren’t aware, US carrier Verizon put plans in motion in July 2016 to acquire Yahoo for $4.83 billion but Yahoo shareholders held on to the firm’s 36% stake in Yahoo Japan and 16% stake in China’s Alibaba. These investments will form part of Altaba, a new entity that has neither staff nor products according to The Guardian.
Despite the confusion there is truth to the revelation that chief executive officer, Marissa Mayer will step down from the Yahoo board should the ink dry on the deal with Verizon. Mayer will reportedly retain her position as CEO.
That in itself is surprising.
When Mayer joined Yahoo in 2012 she was tasked with making the company profitable but by the end of 2015 Yahoo had reported a $4.4 billion loss.
Yahoo also had a pretty rocky 2016 as it reported two database breaches; one in 2013 which saw one billion accounts compromised and and another in 2014 which saw some 500 million accounts compromised.
So for now at least internet firm will still be know as Yahoo. What Verizon plans to do with the brand once regulators approve the acquisition remains to be seen. The acquisition of Yahoo by Verizon is expected to be finalised before the end of Q1 2017.[Via – The Guardian] [Image – CC ND BY 2.0 carvalho]