Yahoo's Remaining Assets to be Named Altaba After Verizon Purchase
Posted on January 9, 2017
Verizon announced earlier this year that it will be acquiring Yahoo. Verizon is buying most of the company's assets. The remaining assets will be part of a company that becomes known as Altaba following the closing of the acquisition.
Altaba will act as an investment company according to an SEC filing by Yahoo. This filing also says that Yahoo CEO, President & Director Marissa Mayer will depart the company.
In light of the fact that following the Closing the Company will operate as an investment company under the Investment Company Act of 1940, the Board has determined that, immediately following the Closing, the size of the Board will be reduced to five (5) directors. Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith will continue to serve as directors of the Company following the Closing, and Mr. Brandt will serve as Chairman of the Board. Each of David Filo, Eddy Hartenstein, Richard Hill, Marissa Mayer, Jane Shaw and Maynard Webb has indicated that he or she intends to resign from the Board effective upon the Closing, and that his or her intention to resign is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.The filing doesn't really have any details on what Altaba's investments will be. Ars Technica reports that the remnants after Verizon's purchase will include "certain other assets, mostly shares of Asia-based companies and non-core patents." The filing says the Altaba company will likely be "removed from the Standard and Poor’s 500 Index and other indices."