After months of uncertainty looming over the Yahoo-Verizon deal it appears the two companies have made progress. Yahoo Inc said on Monday that it would be named Altaba Inc and the current CEO Marissa Mayer would resign from the board after the closing of its deal with Verizon Communications Inc.
In July last year Yahoo made a deal with Verizon to merge its internet business, which includes its digital advertising, email and media assets, with AOL for $4.83 billion. While everything was well and good for a few weeks that followed the announcement, the whole deal was marred with uncertainty as Yahoo revealed two separate data breaches.
In the first breach, which according to Yahoo happened in 2014, 500 million user accounts were compromised. The company was still reeling from the effects of the disclosure, it announced that back in 2013 over a billion accounts were compromised in a separate breach.
Verizon executives have said that while they see a strong strategic fit with Yahoo, they are still investigating the data breaches.
Five other Yahoo directors would also resign after the deal closes, Yahoo said in a regulatory filing on Monday.
The remaining directors will govern Altaba, a holding company whose primary assets will be a 15 per cent stake in Chinese e-commerce company Alibaba Group Holding Ltd (BABA.N) and 35.5 percent stake in Yahoo Japan.
The new company also named Eric Brandt chairman of the board, effective Jan. 9.
With Reuters inputs
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