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Magnus Höij
After completion of transaction for sale of some of its assets to Verizon, Yahoo! will change its name and wave goodbye to some of its top managers. The company will receive a new name - Altaba (mix of Alternative and Alibaba) to more accurately characterize the company. In July last year, Verizon and Yahoo! signed a $ 4.8 billion-worth deal, under which Verizon takes core assets of Yahoo!. The agreement does not take into account some serious actives, such as large stakes in Yahoo! Japan (35%) and Chinese Alibaba (15%), all cash and certain other securities, as well as minority stakes in several companies, and, finally, portfolio of Excalibur patents, which are non-core to Yahoo!.
The company stated in a message that some managers will be replaced. Altaba will be led by current chairman of Yahoo! Eric Brandt; several board members will also retain their seats. As for current CEO Marissa Mayer, she would probably be hired by Verizon. However, neither Yahoo! nor Verizon have yet told what position will Mrs. Mayer take. Marni Walden, Verizon’s President for Innovation previously said that final decision on hiring Mrs. Mayer is still pending.
The July deal is expected to be closed in the first quarter of this year.
The document states that resignation of Meyer occurred "not because of any disagreement with the company on issues relating to operating or practical activity."
The decision to sell part of the business was taken after Marissa Mayer’s three-year long attempts to change the company’s direction and increase profitability, focusing on mobile applications. The company had also considered sale of its stake in China's Alibaba Group, but later abandoned the idea.
"Mavens" strategy, a brainchild of Mrs. Mayer, meant that Yahoo! would develop mobile, native, video advertising and advertising in social networks. Within three years, Mayer has heavily invested in online video advertising and mobile technology, but has not been able to make significant progress. Yahoo! shareholders have been pushing the company to auction the business since the end of 2015.
Verizon (previously bought AOL) is trying to attract consumers and advertisers using a variety of devices. It is expected that Yahoo will be integrated with AOL service.
Yahoo was founded in 1995 by Stanford University students David Filo and Jerry Yang. The company remained independent for over 20 years. It included a search engine and a number of internet services.
Global audience of Yahoo reaches more than 1 billion monthly active users, including 600 million active mobile phones users. In 2007-2008, the company was offered nearly $ 50 billion for its business.
source: businessinsider.com
The company stated in a message that some managers will be replaced. Altaba will be led by current chairman of Yahoo! Eric Brandt; several board members will also retain their seats. As for current CEO Marissa Mayer, she would probably be hired by Verizon. However, neither Yahoo! nor Verizon have yet told what position will Mrs. Mayer take. Marni Walden, Verizon’s President for Innovation previously said that final decision on hiring Mrs. Mayer is still pending.
The July deal is expected to be closed in the first quarter of this year.
The document states that resignation of Meyer occurred "not because of any disagreement with the company on issues relating to operating or practical activity."
The decision to sell part of the business was taken after Marissa Mayer’s three-year long attempts to change the company’s direction and increase profitability, focusing on mobile applications. The company had also considered sale of its stake in China's Alibaba Group, but later abandoned the idea.
"Mavens" strategy, a brainchild of Mrs. Mayer, meant that Yahoo! would develop mobile, native, video advertising and advertising in social networks. Within three years, Mayer has heavily invested in online video advertising and mobile technology, but has not been able to make significant progress. Yahoo! shareholders have been pushing the company to auction the business since the end of 2015.
Verizon (previously bought AOL) is trying to attract consumers and advertisers using a variety of devices. It is expected that Yahoo will be integrated with AOL service.
Yahoo was founded in 1995 by Stanford University students David Filo and Jerry Yang. The company remained independent for over 20 years. It included a search engine and a number of internet services.
Global audience of Yahoo reaches more than 1 billion monthly active users, including 600 million active mobile phones users. In 2007-2008, the company was offered nearly $ 50 billion for its business.
source: businessinsider.com
