Yahoo to sell internet business to Verizon

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Yahoo Inc said it has a deal to sell its core internet business, which includes its digital advertising, email and media assets, to Verizon for 4.83 billion dollars.

After Yahoo discovered two separate breaches last year, one involving some 500 million customer accounts and the second involving over a billion. The terms of that deal could be amended – or the transaction may even be called off.

Yahoo said it also has plan to rename itself Altaba Inc and after the closing of its deal with Verizon Communications Inc (VZ.N), Chief Executive Officer Marissa Mayer would step down from the board.

Verizon executives have said that while they see a strong strategic fit with Yahoo, they are still investigating the data breaches, PM News reports.

Yahoo in a regulatory filing said that five other Yahoo directors would also resign after the deal closes.

The remaining directors will govern Altaba, a holding company whose primary assets will be a 15 per cent stake in Chinese e-commerce company Alibaba Group Holding Ltd ( BABA.N) and 35.5 per cent stake in Yahoo Japan.

The new company also named Eric Brandt chairman of the board, effective Jan. 9

 

Posted by juliet Ekwebelam

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