Yahoo! Changing Name After Verizon Acquisition
Nearly 22 years after one of the Internet’s foremost websites was created, Yahoo! will change its name now that it’s being acquired by Verizon.
In a public filing Monday, Jan. 9, Yahoo! announced changes to its board, but also that it intends to change its storied name to Altaba Inc. upon the company’s $4.8 billion sale to Verizon.
Not all of Yahoo! is being acquired by Verizon, however. The web company owns Chinese Internet giant Alibaba, and will continue on as a Yahoo! asset, and is not part of the Verizon deal. Upon closing of the deal, which is expected in Q1 of 2017, Alibaba will become Altaba Inc. Yahoo! owns about 15-percent of Alibaba, with a worth of $35 billion.
The telecom giant’s acquisition of the web’s earliest search engine isn’t too much of a surprise, after Verizon went on a buying spree in 2015 and 2016, scooping up AOL for $4.4 billion, and moving into the fleet management space by acquiring SaaS provider Fleetmatics for $2.4 billion.
The deal found itself in muddy waters during the second half of 2016, however, when Yahoo! revealed more than half a billion of its users had account information hacked or stolen in 2014. The breach included names, email addresses, telephone numbers, birth dates, and passwords. It was later determined more than 1 billion users’ information was hacked.
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