The 4.8 billion initial deal is reconsidered by Verizon for a bargain after the reported data breach affecting 1 billion accounts. According to the Jan 9 SEC filing by Yahoo Inc., the plans includes changing the name of the leftover company — which include shares in Alibaba and other places in Asia — to Altaba Inc.
Further is the resignation of the current CEO Marissa Mayer, co-founder and chief David Filo, and some other members of the board. Altaba Inc. will collect Yahoo’s remains and progress to become an investment company. The new board will include a total of five directors.
Until last year, there was no word on Mayer stepping down from the company. The name change process might be a consequence of Verizon taking the Yahoo! brand name and use its services under its roof. Obviously, nobody would take it.
Verizon has plans to combine what they get from Yahoo with their existing AOL business. It might be possible that Verizon scraps off Yahoo! brand in the future, just like what Microsoft did for Nokia they bought their mobile phone business. Or, maybe they would want to sail on brand Yahoo!’s popularity boat, which is still in an okay condition.