Here are some key things you need to know:
- Verizon plans to acquire Yahoo in July 2017 for $4.8 billion.
- Yahoo will be known as Altaba.
- CEO Marissa Mayer, Yahoo co-founder David Filo together and four other board members will leave the group.
- The new name is intended to reflect the transformation into a holding company Yahoo for investment in the leading e-commerce Alibaba Group of China and Yahoo Japan.
Yahoo confirmed on Monday that CEO Marissa Mayer will quit from the board of the company after its merger with Verizon.
Meyer is expected to remain the main core business on Yahoo, which bought by US telecom titanium. Yahoo is selling its online operation as a way to separate that from their more valuable stakes in Chinese Internet giant Alibaba.
The company shares have tended to be renamed Altaba, Inc., will act as an investment company with its own board reduced to five members, according to a filing with the Securities and Exchange Commission.
Yahoo co-founder David Filo and Meyer will be among those who resigned from the board, according to the filing.