Yahoo Inc. Core Business Sold to Verizon, Becoming Altaba: Other Assets Remain Under Yahoo

By James Ryan Morales, | January 10, 2017

Yahoo's core business has been sold to Verizon for $4.8 billion. (Coolcaesar/CC BY-SA 3.0)

Yahoo's core business has been sold to Verizon for $4.8 billion. (Coolcaesar/CC BY-SA 3.0)

Internet giant Yahoo! will be saying goodbye once its core business is sold to Verizon for a whopping $4.8 billion. A SEC regulatory filing showed that the company would soon be renamed Altaba Inc.

Altaba will be operating as an investment company, having shares of Alibaba and Yahoo Japan. For years, Yahoo's investment in Alibaba saved the company. However, the sale of its core business to Verizon seems inevitable, so a name change is reasonable.

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Yahoo CEO Marissa Mayer will resign from her post, but will stay with the company after the deal closes, Tech Radar reported. Yahoo co-founder David Flo will also step down from his position. Other board members will be resigning as well. 

Mayer, who once worked at Google before becoming Yahoo CEO in 2012, has witnessed the company crumble under the competition of other web firms. Mayer's role after the transition from Yahoo to Altaba will only be clear once the change has been completed.

The new board for Altaba will consist of five members. The good thing is, while the company has been changed to Altaba Inc., the services it will offer like emails, news, and others will still be using the "Yahoo" name.

Despite the sale of the core business, other assets of the company were not part of the deal. According to MarketWatch, Yahoo has billions of cash and worth of assets which were never part of the sale, which makes it possible that Yahoo would still somehow keep its standing in the web market following the deal.

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