Economy

Yahoo renamed as Altaba Inc, but there's a catch

Yahoo renamed as Altaba Inc, but there's a catch

Maynard Webb, the current chairman of Yahoo's board, also intends to resign from Yahoo, as do David Filo, Eddy Hartenstein, Richard Hill and Jane Shaw. The deal doesn't include Yahoo's share in the Chinese online retail giant Alibaba or Yahoo Japan, which would continue to exist seperatley as part of Altaba. Altaba is now just a holding company, which owns nothing more than stock and patents.

It's been revealed that former-internet giant Yahoo will lose its name and be rebranded as "Altaba", following its sale to USA cable giant Verizon.

The filing states that the departures are not due to any disagreement with Yahoo, Verizon, or any matter relating to its operations, policies or practices.

Analysts have predicted that if Verizon does buy Yahoo, it will be at a significant discount from the initial $4.8 billion price.

"It's important to me to see Yahoo into its next chapter".

At least 33 prisoners killed in new Brazil prison uprising
During the 17-hour riot PCC members clashed with members of a rival gang, Family of the North (FDN), a powerful local gang. The PCC gang is one of Brazil's largest, earning more than $32 million a year in drug sales with about 13,000 members.

However, the closing of the roughly $4.8 billion sale to Verizon can become a huge problem after two huge hacks faced by Yahoo.

The new company also named Eric Brandt as the Chairman of the board with effect from January 9. While she may take on a new role at Yahoo, resigning from the board means that she won't have the voting rights or decision-making abilities she had as CEO. Not only has CEO Marissa Mayer resigned, but TechCruch reports the remaining board members have chosen to rename the company as Altaba Inc. The first time, in 2014, hackers stole account information of at least 500 million users.

The hack is thought to be the biggest in history, and last week Verizon said it would evaluate the situation as Yahoo investigates and would review the "new development before reaching any final conclusions".

The only thing that is slowing that sale down is tax consequences to the shareholders who have watched the stake in Alibaba appreciate a great deal since it was purchased by Yahoo.