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Yahoo! to sell core business to Verizon Communications

Tuesday, January 10, 2017 6:45
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Yahoo! Inc (NASDAQ:YHOO) is to change its name to Altaba after it sells off the bulk of its business to Verizon Communications Inc (NYSE:VZ).

News broke late last night that the Internet pioneer, which has been up for sale for some time, would offload its core internet businesses to Verizon, for US$4.83bn.

The price is a far cry from the US$45bn Microsoft was prepared to pay for the whole of the Yahoo! business back in 2008.

Verizon is still to do its due diligence, but assuming the deal will go through, chief executive officer Marissa Mayer will step down from the board of what will then be Altaba – though that does not necessarily mean she will not decamp to Verizon.

Verizon said it is still investigating two recent data breaches that compromised hundreds of millions of accounts, and if it finds anything nasty it could still walk away from the deal.

Stripped of its famed internet portal and rag-bag collection of online services – most of which it bought at a high price and then allowed to wither on the vine – Altaba’s main asset will be its stakes in Asian web colossi Alibaba and Yahoo! Japan, leaving it as nothing more than a holding company.

Story by ProactiveInvestors


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