Yahoo to become Altaba if Verizon closes on deal; Marissa Mayer to depart after sale
While it is still unclear whether Verizon will proceed with its $4.8 billion bid to buy Yahoo, the latter is already making plans in case the deal closes. In the case that Big Red goes ahead with the purchase, Yahoo will change its name to Altaba. The size of the board, currently at 10, would be cut in half to five as CEO Marissa Mayer and four others will resign.
Verizon will receive the email platform, apps, websites and all advertising technology used by Yahoo. The deal was officially announced by both firms on July 25th. The price of $4.8 billion is a far cry from the $100 billion market cap that Yahoo sported back in 1999-2000.
Verizon, though, is considering pulling out of the deal. More than 1 billion Yahoo accounts were hacked into and the carrier's General Counsel Craig Silliman has been combing through the information related to the hacking, trying to determine whether Verizon should walk away or re-negotiate the price.
Verizon originally wanted to close the deal in the current quarter, and from the sounds of things it seems that the company still wants the deal to go through. Whether it happens at $4.8 billion is another question altogether.
source: Yahoo
Verizon originally wanted to close the deal in the current quarter, and from the sounds of things it seems that the company still wants the deal to go through. Whether it happens at $4.8 billion is another question altogether.
source: Yahoo
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