Yahoo the brand will live on after Verizon buys it, but Yahoo the company plans to change its name. Verizon struck a deal to buy the beleaguered company’s U.S. assets last summer, and it plans to move forward with the deal. The internet service provider and mobile carrier agreed to pay $4.8 billion for the assets, and what’s left after the acquisition will change its name to Altaba.
Yahoo details what happens next
In a filing with the Securities and Exchange Commission on Monday, the digital ad firm clarified what will happen next as the deal moves forward. The agreement includes the operating businesses but excludes Yahoo’s foreign assets, patents and other properties. The company’s stakes in Alibaba and Yahoo Japan stay with it under the new name Altaba, which will be a publicly-traded investment firm. According to The Wall Street Journal, the name Altaba is believed to have come from combining the word “alternate” with Alibaba.