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Yahoo to change name to Altaba once deal with Verizon closes

Yahoo announced that it will make several moves in its remaining company once the deal to sell its core businesses to Verizon is complete.

In an 8-K filing on Monday (January 9, 2017), Yahoo said that the board of the company will be reduced to five directors with six directors stepping down including Yahoo CEO Marissa Mayer. In addition, Yahoo said that it will be renamed to Altaba following the completion of the deal.

It was in July 2016 when Verizon agreed to acquire Yahoo’s core businesses, including its internet services, for $4.8 billion. Not included in the deal was Yahoo’s stake in China-based Alibaba and Yahoo Japan.

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