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Yahoo - Verizon deal is nearly complete

(Image credit: Image Credit: Dennizn / Shutterstock)

The Yahoo – Verizon deal is finally going through. According to a Yahoo press release (opens in new tab), 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 (opens in new tab) 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 (opens in new tab)added that the Yahoo brand will continue to live under Verizon, releasing open-source code.

Image Credit: Dennizn / Shutterstock

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.