The company which will change its name to Altaba was formerly known as “RemainCo,” a portion of Yahoo that will remain after Verizon closes its $4.8 billion acquisition.
That entity will comprise of a 15% stake in Alibaba, a 35% stake in Yahoo Japan, and a small portfolio of patents called Excalibur.
According to Yahoo Finance, after Yahoo Inc. disclosed some of its post-Verizon acquisition plans in a regulatory filing on Monday afternoon, reporters were quick to run headlines like “Yahoo will change its name to Altaba.”
The company said the report is misleading and oversimplify Yahoo’s filing.
Following the close of the Verizon deal, current CEO Marissa Mayer, chairman of the board Maynard Webb, Yahoo co-founder David Filo, and three other current board members will resign, thecable reports.
Posted by Juliet Ekwebelam