11 January 2017

Yahoo! is changing its name... || don't say Yahoo! - "Altaba"




Yahoo was already a shell of its former self. Now part of the company is getting an obscure new name: Altaba.

When Verizon agreed to buy the company for $4.8 billion in July 2016, it planned to purchase just Yahoo's core Internet businesses, which include its email service, sports verticals and various apps. 

However, Yahoo's shareholders held onto the company's lucrative investments - including a 36 percent stake in Yahoo Japan and a 16 percent stake in Alibaba - and patent portfolio. This remaining entity has no product and no staff members.

Following that acquisition, Yahoo’s investments in Alibaba Group and Yahoo Japan will remain, as will convertible notes and non-core patents. It’s those remaining parts, currently named RemainCo, that will operate as Altaba.

Altaba will operate as an investment company and the board will be reduced to five members: Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith. Brandt will facilitate the transition and was named chairman today.

A Yahoo spokeswoman, Suzanne Philion, would not comment on the name. She emailed the following statement: "We are confident in Yahoo's value and we continue to work towards integration with Verizon."

Thanks for reading... 

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