Yahoo to be renamed as Altaba after closing down its internet business

yahooYahoo to be renamed as Altaba after closing down its internet business

Once Yahoo’s deal to sell off its internet business to Verizon Communications is finalized, the company would rename itself “Altaba.”

The reason why they want to switch to this new name is due to Yahoo is essentially a play on the single biggest asset that would remain of Yahoo if and when the deal with Verizon closes: a 15 percent stake in the Chinese e-commerce giant Alibaba. Altaba would also own a 35.5 percent stake in Yahoo Japan.

It is expected that Yahoo’s chairman, Maynard Webb would become chairman emeritus of the newly renamed Altaba.

 

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