As soon as the media reported about multiple major hacks of Yahoo User accounts last year, Verizon announced that it will review and re-evaluate the deal of buying Yahoo once again. But as per the latest developments, the impact of cyber attacks looks ZERO on the deal as Verizon still seems to be interested in buying Yahoo.
According to our sources, Verizon will go ahead with its plan to buy Yahoo for $4.8 billion by the end of this year. The sale, however, is expected to bring in some changes to Yahoo’s current leadership list.
As per the document filed with the Securities and Exchange Commission, Yahoo’s CEO Marissa Mayer will step down from her post along with six others. And Eric Brandt who joined Yahoo’s board in March’16 will be named the new CEO of Altaba.
And as per a recent post on The Wall Street Journal, Yahoo will be renamed as “Altaba” as soon as Verizon acquires it.
NOTE- Altaba is a name derived from the combination of two words- Alibaba and Alternate. As Yahoo holds a large number of stakes in Chinese company Alibaba, the above name has been suggested by few senior board members of Verizon also supported by the board members of Yahoo Japan.
However, Verizon board is still waiting for the report on Yahoo’s database hack which happened last year. As per a New York Times post the law enforcement agencies are getting ready to disclose a full report on the issue by this month end. And soon after that, Verizon is expected to give a clarity over the deal and its intentions on buying Yahoo.
NOTE- Verizon is a New York-based American Telecommunication company which also offers broadband services through the wireless network.
NOTE- Yahoo is a technology company which is headquartered in California and serves a myriad of web services.
