While we may not be certain what the future holds for the sale of Yahoo’s $4.8 billion sale of the internet side of their business to Verizon Communications, the company has filed papers that explain what the next steps for the remaining business would be.
On Monday, a regulatory filing was placed by the company stating that when the Verizon deals closes, the company would rename itself Altaba. The filing also says that at least half of the current board of directors will step down, including Marissa Mayer, the chief executive who’s choice for position made headlines at the time. Other members of the Yahoo team that would be stepping down after the sale include Maynard Webb and Yahoo co-founder David Filo
The name Altaba appears to be a play on what little would be left of the company after the internet section is sold. Without the massive internet business, all that is left is a 15% stake in the Chinese e-commerce company Alibaba. A 35% stake in Yahoo Japan is also going to be left in Altaba’s portfolio after the huge sale.
The sale to Verizon Communications became endangered when Yahoo disclosed that they have had two major hacking attacks with one affecting more than a billion users around the globe. Officials with Verizon have been on the fence, with Verizon’s president of product innovation and new businesses Marni Walden stating they “still don’t know” the fate of the transaction.
Tim Armstrong, the chief executive of AOL, a company owned by Verizon Communications, told CNBC that he was hopeful and optimistic about the transaction. “I remain hopeful the deal will close, and I think we’ll see what the outcomes are of the Yahoo investigations in the meantime,” Armstrong said during the interview.