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Yahoo Gets New Name Altaba

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Vivian Ikwuamaeze

Yahoo having closed its deal with Verizon Communications said it would rename itself Altaba and chief executive officer Marissa Mayer would step down from the board.

Yahoo has a deal to sell its core internet business, which includes its digital advertising, email and media assets, to Verizon for $4.83 billion.

The terms of that deal could be amended – or the transaction may even be called off – after Yahoo last year disclosed two separate data breaches; one involving some 500 million customer accounts and the second involving over a billion.

Verizon executives have said that while they see a strong strategic fit with Yahoo, they are still investigating the data breaches.

Five other Yahoo directors would also resign after the deal closes, Yahoo said in a regulatory filing on Monday.

The remaining directors will govern Altaba, a holding company whose primary assets will be a 15% stake in Chinese e-commerce company Alibaba Group and 35.5% stake in Yahoo Japan.

The new company also named Eric Brandt chairman of the board, effective 9 January.

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