SUNNYVALE, CA : The Yahoo logo is displayed in front of the Yahoo headqarters in Sunnyvale, California. Yahoo will report Q2 earnings one day after former Google executive Marissa Mayer was named as the new CEO.
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There will be a big change in the works for the Internet pioneer named Yahoo. According to CNET's reports, Yahoo's CEO Marissa Meyer will resign from the company's board of directors if the deal between Verizon and Yahoo goes through. It was reported that Verizon will purchase Yahoo for whopping $4.8 billion. In addition, Yahoo's co-founder will also leave the company if the deal will be completed.
Yahoo will be adopting a new corporate identity if the proposed $4.8 billion sales of the company's digital services to Verizon Communication will be completed. One of the major changes that will happen will be changing Yahoo's name to Altaba Inc. Changing the name to Altaba Inc. will only happen after Yahoo will transfer all its email, websites, mobile apps and advertising tools to Verizon.
The idea of the new name is to reflect Yahoo's transformation into a holding company for China's e-commerce leader, Yahoo Japan, and Alibaba Group which are worth more than $40 billion combined. But Verizon is anticipated to keep Yahoo's brand under its ownership.
But some reports already circulated that the Verizon deal is at stake after Yahoo's discovery of two computer hacking attacks that happened in 2013 and 2014. The hacking stole personal information from more than 1 billion Yahoo users.
The incident is said to be the biggest hack in history. Among those affected were FBI agents, congressional leaders, current and former White House staff, officials at the CIA and every branch of the Unites States military.
Furthermore, Verizon is planning if the company should renegotiate the sales price or just withdraw the deal because of the hacking incident that happened. The incident could start a backlash with other Yahoo users that are disappointed about personal information being stolen. But Yahoo is doing their best to keep the deal.