Breaking: Yahoo To Change Name To Altaba Inc. After Verizon TakeoverOne of the Internet's most valuable companies, Yahoo won't exist for much longer. Verizon confirmed plans to acquire Yahoo for $4.8 billion in July, and a new financial filing from Yahoo includes details of what's going to happen next.
However, Verizon has promised that—if the increasingly bumpy buyout completes—the Yahoo brand will live on.
The size of the board will be reduced to five directors, and many key executives will leave, including as expected Yahoo CEO Marissa Mayer and Yahoo co-founder David Filo.
Also out are Eddy Hartenstein, Richard Hill, Jane Shaw, and Maynard Webb. The departures are not "due to any disagreement with the company on any matter relating to the company's operations, policies, or practices," Yahoo's filing said.
Yahoo is the second early Web giant that Verizon has sought to buy. In 2015, Verizon paid $4.4 billion for AOL.
The planned Yahoo takeover isn't going smoothly, however. At one point, shortly after what looked like a major state-sponsored hacking attack on Yahoo, Verizon was reportedly getting cold feet about its proposed purchase.
While Mayer won't be on the team overseeing the Altaba investments, it isn't clear if she'll have a future inside the Verizon behemoth. Previous agreements call for Mayer to get $55 million if she's ousted.
This story was updated to clarify Verizon's plans for the Yahoo brand now that the firm's remaining assets will be held by Altaba.