Verizon agreed to buy Yahoo in July for $4.8 billion and now they are changing the name from Yahoo to Altaba – with the sale expected to be completed in March, according to it’s most recent SEC filing.
The new name is meant to be a combination of the words “alternative” and “Alibaba” – the popular Chinese search engine (of which it owns 15% – about $35 billion).
It was also announced that CEO Marissa Mayer has resigned, with some of the remaining board members staying on to facilitate the sale.
Verizon will acquire Yahoo’s core internet business, and what is being left behind is Yahoo’s shares of Alibaba and part of Yahoo Japan – those parts will operate under the name “Altaba.”
Search Engine Journal said the Yahoo brand could very well continue to live under Verizon and Marissa Mayer could even end up in a role with Verizon.
More details are expected to be released later this month during Yahoo’s earnings call.