Yahoo get new name, yields its $4B worth to Verizon Communications
Jan 10, 2017 04:23 PM EST
Yahoo Inc is one of the most successful companies surviving on the online world. Not only does Yahoo own various multi million worth of websites like Flickr and Tumblr but it also has its own branded websites and services like Yahoo Mobile, Movies, Finance, Autos, Music News...etc.
But Yahoo does not belong to Yahoo anymore for it will be changing its identity and everything after finalizing a contract with the Verizon Communications Inc. And Verizon is not thinking of keeping Yahoo's identity.
In order for the Verizon company to claim Yahoo as its, Yahoo has to give up all of its business parts which include its media, email and digital advertising services. Apparently Yahoo will eventually be renamed to Altaba Inc.
Not just that but Marissa Mayer, the CEO (Chief Executive Officer) will be leaving her position behind and moving on after Reuters state that the total worth of Yahoo Inc rounds off to a whopping 4.83 billion dollars.
Marissa may not be the only important figure retiring from the company, for after a regulatory filing that was issued on Monday showed that 5 directors working at Yahoo Inc will be calling it quits with the company.
Still, the remaining number of directors will be given the responsibility and opportunity to manage the new version of Yahoo, which AdAge says will have a different stake percentage with different shareholders; Yahoo Japan and Alibaba Group Holding Inc.
A new report that surfaced on January 9th showed that Eric Brandt is elected as chairman of board.
Although there is still a possibility of the contract being terminated because of Yahoo's reputation! Last year, what was called a glitch, 2 major system breaches occurred that involved one billion, five million client accounts.
But, Verizon directors and managers are determined to find a solution that will fix the random and dangerous system glitches and are currently looking through the breaches.