Yahoo to change name to Altaba, turn into investment company

January 10, 2017 07:19

Yahoo, or what is left of yesteryear's internet giant once the $4.8 billion sale to Verizon is completed, will be renamed as Altaba, the company has said in a filing to SEC, various reports have said.

Business Insider reports that along with the name change, the tech company will also have a new board of directors, but current CEO Marissa Meyer will not be on it despite having expressed her interest to stay on.

'In its filing to the United States Securities and Exchange Commission on Monday, Yahoo also explained that following the closing of the purchase by Verizon, Altaba will be required to register and be regulated as an investment company under the Investment Company Act of 1940,' Business Insider has reported.

Yahoo's acquisition by Verizon is expected to be closed in the first quarter of 2017.

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