What goes up must come down.
Yahoo has seen the best of the moments and the worst. From being the best known Web portal and search engine to being widely criticized for the two significant data breaches in which the account information of 500 million users were stolen along with another billion in the second instance (one of the largest technical breaches), Yahoo has been on a downward spiral since a few years now.
But this comes as something that all anticipated. Verizon is all set to complete the acquisition of Yahoo’s Internet business – a $4.8 billion deal that will give Verizon Communications, Yahoo’s operating business while leaving behind Alibaba and Yahoo Japan that will continue to exist as separate entities. The rebranded company’s name is speculated to be ‘Altaba’ and according to the The Wall Street Journal, the name is a combination of the words 'alternate' and 'Alibaba’. However, the sale of the company is still contested as Verizon is still evaluating the potential impact of the hacked user information on the deal.
The regulatory document filed with the Securities and Exchange Commission reveals that Marisa Mayer, Yahoo’s current chief executive will be stepping down along with other six members of the company's current 11-member board and Eric Brandt would be taking over the Chairmanship of Altaba’s board.
Verizon is a broadband telecommunications company and the largest U.S. wireless communications service provider. In 2015, Verizon bought AOL for $4.4 billion and it bid for Yahoo in July 2016. Tim Armstrong, the chief executive of AOL in a statement to CNBC stated that “I remain hopeful the deal will close, and I think we’ll see what the outcomes are of the Yahoo investigations in the meantime.”