Yahoo is one Internet based company that has experienced quite the ride in recent times. It was once the biggest search engine on the planet only to be eclipsed by Google and its value has plummeted since. Recently, Verizon (Huge telco in the US) made an offer to buy Yahoo for $5 billion which was a blow to the company that was once valued north of $100 billion.
According to a report by TechCrunch, that planned sale of Yahoo to Verizon appears to be moving forward and parts of the company would be renamed to Altaba. That is not all, Marissa Mayer, Yahoo’s CEO will step down from the new company.
However according to the report, Yahoo will still retain its 15% stake on Alibaba (which is worth close to $35 billion) and a 35.5% stake in Yahoo Japan which will be under the new holding investment company, Altaba. Only five board members will remain in the company during the transition.
It is actually surprising Verizon is going ahead with the purchase of Yahoo even with the recent problems the company has grappled with. The biggest problem was the story of how hackers were able to get data from 200 million accounts which then increased to 500 million accounts and later on ballooned to a billion accounts. This fiasco also apparently made Verizon consider asking for a discount but it is still not sure if they got the deal or not.
Well it has been quite the ride for Yahoo, a company that we knew very well for its search engine, email and lately its beautifully designed apps. The only thing to watch out for is what Verizon is planning for the newly renamed company.