HomeInternetYahoo is changing its name to Altaba

Yahoo is changing its name to Altaba

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It looks like the Yahoo-Verizon deal is still moving forward despite the hacking scandal that engulfed the former a few months ago. Not only that, it appears the beleaguered company is planning to split itself into a new firm called Altaba Inc.

To recall, Verizon was planning to buy Yahoo’s core internet business last year for a reported $4.8 billion. However, this was called into question after the revelation that 500 million and 1 billion Yahoo accounts were breached in separate instances in 2014 and 2013, respectively.

Verizon apparently asked for a massive discount following these disclosures. Whether it managed to get one is unknown as of now, but it looks like the transaction might still be going forward based on Yahoo’s recent Securities and Exchange Commission filing.

Also Read: One billion Yahoo accounts hacked, confirms company

The document let slip that while parts of Yahoo will be sold to Verizon, a certain portion of it is remaining behind. This segment will be called Altaba and it’ll live on as an investment firm. It’ll be composed solely of a 15% stake in Alibaba and a 35.5% stake in Yahoo Japan.

Altaba appears to have only 5 board members. Most of Yahoo’s board is leaving the company, including its CEO Marissa Mayer. She had previously stated that she would like to continue working within Yahoo. Rumor has it that she’ll be given a position within the new Verizon regime.

Yahoo’s websites and products may or may not live out the new change in management. More will probably be out in the open after the brand’s earnings call which is set to take place in late January.