Tech

Yahoo soon to adopt new name

Yahoo soon to adopt new name

If a $4.8bn (£3.95bn) deal between Verizon goes ahead, then one of the internet’s most venerable companies, Yahoo will change name of major part of its business in a move which will also see chief executive Marissa Mayer step down from the board.

The deal will see Yahoo acquire an obscure new name: Altaba as Verizon plans to purchase the company’s core Internet businesses, which include its email service, sports verticals and various apps.

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What would be left of the embattled technology company would essentially be its ownership in the very valuable Chinese Internet giant Alibaba.

Today, Yahoo owns roughly 15 per cent of Alibaba, holdings that are worth about $35 billion.

The idea behind the name is that Altaba’s stock can now be tracked as an alternative to Alibaba because Yahoo owns a sizable chunk of the Chinese company.

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