Yahoo has announced that it will not be changing its name to Altaba, Yahoo Finance has dismissed the misleading information.
The company which will change its name to Altaba is a company formerly known as “RemainCo,” a portion of Yahoo that will remain after Verizon closes its $4.8 billion acquisition.
That entity will comprise of a 15% stake in Alibaba, a 35% stake in Yahoo Japan, and a small portfolio of patents called Excalibur.
Yahoo Finance reports that after Yahoo Inc. disclosed some of its post-Verizon acquisition plans in a regulatory filing on Monday afternoon, reporters were quick to run headlines like “Yahoo will change its name to Altaba.”
The company described the reports as misleading and oversimplify Yahoo’s filing.
Following the close of the Verizon deal, current CEO Marissa Mayer, chairman of the board Maynard Webb, Yahoo co-founder David Filo, and three other current board members will resign.
(Tech World News, Editing By Kenyan Wall Street)
