Yahoo the biggest company we have been seeing from decades is now getting an obscure new name for themselves. The name is ALTABA. The Verizon agreed to buy the company of 4 billion Dollars in July 2016 and then they planned to purchase Yahoo’s core internet businesses in all ways.
Which will also include the email service, sports verticals and various apps. The technology company would essentially be its ownership in very valuable Chinese internet giant Alibaba. The deal is gone closed and they finally decided to put the name as Altabab now.
While we already knew most of the venerable company was being sold to Verizon – a $4.8 billion purchase – the remainder of company today announced that it’s renaming itself to ‘Altaba,’ according to TechCrunch
The new name has various explanations one of which they are thinking about Alibaba and Alternative as their meaning. Today Yahoo owns about 15 percent of Alibab which are worth 35$billion.
Altaba. Seriously. It’s sounds a bit like a portmanteau of defunct 1990’s search engine Altavista and Alibaba, both of which are either partially or wholly owned by the company.
This is the portion of the company that maintains a 15 percent ownership of Alibaba and 35.5 percent stake in Yahoo Japan. Altaba will operate as an investment company from here on out.
According to a filing with the SEC, all but five of Altaba’s board of directors will step down upon the conclusion of the deal, namely David Filo, Eddy Hartenstein, Richard Hill, Jane Shaw, Maynard Webb, and Marissa Mayer.
While there’s nothing preventing Mayer from having a role in the restructured company, nothing has been announced yet.