Ya­hoo said that af­ter it closes the sale of its In­ter­net busi­nesses to Ver­i­zon, it will change its name to Altaba.

The Washington Post - - REPUBLICANS SCRAMBLE TO EASE CONCERNS ABOUT WHAT R - BY EL­IZ­A­BETH DWOSKIN el­iz­a­beth.dwoskin@wash­post.com More at wash­ing­ton­post.com/ news/ the-switch

Ya­hoo is al­ready a shell of its for­mer self. Now part of the com­pany will get a new name: Altaba.

When Ver­i­zon agreed to buy the com­pany for $4.8 bil­lion in July, it planned to pur­chase just Ya­hoo’s core In­ter­net busi­nesses, in­clud­ing its email ser­vice, sports ver­ti­cals and var­i­ous apps. What’s left of the em­bat­tled tech­nol­ogy com­pany would es­sen­tially be its own­er­ship in the very valu­able Chi­nese In­ter­net gi­ant Alibaba.

When the deal closes, the re­main­ing part of Ya­hoo will change its name to Altaba, the com­pany an­nounced in se­cu­rity fil­ings Mon­day. The sale is ex­pected to be com­pleted by late March, Ya­hoo said.

The new name is a com­bi­na­tion of “al­ter­na­tive” and “Alibaba,” ac­cord­ing to a per­son fa­mil­iar with the com­pany’s think­ing, who was not autho­rized to talk on the record about the name and so spoke on the con­di­tion of anonymity.

Ya­hoo owns roughly 15 per­cent of Alibaba, hold­ings that are worth about $35 bil­lion. The idea be­hind the name is that Altaba’s stock can be tracked as an al­ter­na­tive to Alibaba be­cause Ya­hoo owns a siz­able chunk of the Chi­nese com­pany.

The name change re­flects just how far Ya­hoo has fallen. The com­pany, once an In­ter­net gi­ant and still the third-most-vis­ited Web prop­erty in the United States, is now es­sen­tially a ve­hi­cle for hold­ing Alibaba’s stock.

The new com­pany, which will be pub­licly traded and un­til now has been re­ferred to as Re­mainCo in se­cu­rity fil­ings, also owns a 35.5 per­cent stake in Ya­hoo Ja­pan, the com­pany’s Ja­panese af­fil­i­ate, and Ya­hoo’s cash, as well as a patent port­fo­lio that will be sold in a sep­a­rate auc­tion.

A Ya­hoo spokes­woman, Suzanne Phil­ion, would not com­ment on the name, say­ing in a state­ment: “We are con­fi­dent in Ya­hoo’s value and we con­tinue to work to­wards in­te­gra­tion with Ver­i­zon.”

The com­pany also an­nounced in the fil­ings that Eric Brandt is now the chair­man of Ya­hoo’s board. He is a for­mer fi­nance chief of semi­con­duc­tor com­pany Broad­com. Marissa Mayer re­mains chief ex­ec­u­tive and plans to step down from the board when the deal closes. Phil­ion de­clined to com­ment on these changes.

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