The Yahoo – Verizon deal is finally going through. According to a Yahoo press release, the deal has just been approved by Yahoo's stockholders, and it is expected to be finalised on June 13, 2017.
From that day forward, Yahoo as we know it will be no more – it will change its name to Altaba Inc and will be registered as an investment company.
It will keep its most valued assets – stakes in China’s Alibaba Group Holding Inc, and Yahoo Japan. The two are allegedly worth $40 billion. Altaba will be led by current Yahoo director Thomas McInerey.
Reporting on the latest developments, the media said the deal is worth $4.48 billion, and also added that Yahoo will be cutting jobs – some 2,000 of them, mostly from Yahoo! and AOL. Yahoo! investors will have stakes at Altaba.
On the other hand, executives will be getting compensation for their work. Approved by the shareholders, there will be a $30 million “golden parachute” for executives. CEO Mayer will allegedly receive a $3.02 million severance and $25,081 in benefits.
The remainder of 490,000 shares will be paid out ahead of schedule.
The Register added that the Yahoo brand will continue to live under Verizon, releasing open-source code.
Image Credit: Dennizn / Shutterstock