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Yahoo to be renamed Altaba after $6.5 billion sale to Verizon

YAHOO will adopt a new corporate identity and cut the size of its board in half if the proposed $6.5 billion ($US4.8 billion) sale of its digital services to Verizon Communications goes through, reports news.com.au,UNB reports.

The company plans to change its name to Altaba Inc after it turns over its email, websites, mobile apps and advertising tools to Verizon.

News of the less-than-catchy new company name prompted a string of tweets poking fun at the company, whose sale to Verizon has been jeopardised by Yahoo’s recent discovery of two separate hacking attacks that stole personal information from more than 1 billion user accounts.

Chief executive Marissa Mayer and four other directors currently on Yahoo’s 10-member board will resign after the planned sale closes.

Yahoo, which made the disclosure on Monday in an SEC filing, will become primarily an investment holding company if and when the Verizon sale is completed.

At that point the company, whose major asset will be shares of China’s Alibaba Group, will rename itself Altaba Inc.

In the only change that took effect on Monday, Yahoo director Eric Brandt became the company’s chairman. He replaces Maynard Webb, who becomes chairman emeritus until the Verizon deal closes.

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