Yahoo has announced that its CEO Marissa Mayer will resign from the board once it completes the deal with Verizon. In addition, Yahoo will also be rechristened as Altaba Inc. The new name is made after combinig of the two words "Alternative and Alibaba".
When Verizon agreed to buy the company for $4.8 billion in July 2016, it planned to purchase just Yahoo's core Internet businesses.
Yahoo has a deal with Verizon to sell its core internet business, which includes from digital advertising of Yahoo, to Yahoo mail and also their remaining media assets, for $4.83 billion to Verizon.
The sale is expected to be taken place in the month of March 2017. The new chairman of the board will be Eric Brandt. Along with it's current CEO Marissa Mayer, five other members from the board will also quit Yahoo.
Yahoo currently owns roughly 15 percent of the Chinese e-commerce company Alibaba, holdings that are estimated to be worth around $35 billion.
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