It’s the end of an era: Yahoo as we know it is no more. While we already knew most of the venerable company was being sold to Verizon – a $4.8 billion purchase – the remainder of company today announced that it’s renaming itself to Altaba, according to TechCrunch.
Altaba! Seriously? It’s sounds a bit like a portmanteau of defunct 1990’s search engine Altavista and Alibaba, both of which are either partially or wholly owned by the company.
This is the portion of the company that maintains a 15 percent ownership of Alibaba and 35.5 percent stake in Yahoo Japan. Altaba will operate as an investment company from here on out.
According to a filing with the SEC, all but five of Altaba’s board of directors will step down upon the conclusion of the deal, namely David Filo, Eddy Hartenstein, Richard Hill, Jane Shaw, Maynard Webb, and Marissa Mayer.
While there’s nothing preventing Mayer from having a role in the restructured company, nothing has been announced yet.
Source: Thenextweb .com