Pour one out for Yahoo – it’s the end of the former internet giant as we know it.
An SEC regulatory filing revealed today that once the sale of Yahoo Inc.’s core business to Verizon is complete, the company will be renamed Altaba Inc.
Altaba will operate as an investment company – an empty shell, essentially – holding shares in Chinese e-retail powerhouse Alibaba and Yahoo Japan, according to Investors Business Daily. Yahoo’s investments in Alibaba are largely what kept it afloat long after the writing of its demise was on the wall.
But the name change isn’t the only news to come out of today’s filing: it was also revealed Yahoo CEO Marissa Mayer will resign from the company’s board once the sale is sealed. Yahoo co-founder David Filo will also step down.
Mayer has overseen Yahoo as its status crumbled over the last several years, failing to resurrect the once powerful web firm. Whether Mayer has a roll in any part of Yahoo or Altaba going forward remains to be seen.
According to the filing, the resignation of current members isn’t due to any disagreement with the company or over how it’s being run. Once formed, the Altaba board will consist of five members.
Of course, the sale to Verizon is anything but a done deal – recent revelations of two massive data breaches have called the entire proposal into question. Verizon general counsel Craig Silliman said in October the US carrier had “reasonable basis” to believe the first-reported 500 million user breach could alter a deal, including Verizon walking away.
Today’s filing cites the “security incidents disclosed on September 22, 2016 and December 14, 2016” as factors that could lead Verizon to terminate or renegotiate an agreement.
With today’s filing, it seems the sale’s completion is in the cards – pending any more surprises.