Well, that’s it pansit for Yahoo as we know it: the struggling tech company is moving forward with its sale of its core internet business to US telco Verizon, with CEO Marissa Mayer resigning from her post once the sale is completed.
According to a recent filing in the US Securities and Exchange Commission, the remnants of the company after the sale which primarily consists of its stake in Chinese commercial eCommerce giant Alibaba and its partnership with Yahoo Japan, will exist as a separate company. It will be renamed to Altaba.
After the sale, only five board members will remain at Altaba: Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith. After the sale, Altaba will hold a 15 percent ownership of Alibaba and a 35.5 percent stake in Yahoo Japan, and will likely operate as an investment company moving forward.
Verizon has been keen on acquiring the struggling tech company for a while now, but a massive data breach has put that deal into question. Verizon reportedly asked for a discount on that $4.8 billion deal, and even now there’s no guarantee that Verizon will push through with the purchase.