Yahoo Inc. has sold its internet business to American telecom company Verizon Communications.
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(CCM) — Internet company Yahoo Inc. has announced a merger deal with Verizon Communications. Following the $4.84 billion deal, Yahoo's CEO, Marissa Mayer, will step down from the board but will continue to remain in the position. The core internet business of the Yahoo Inc., which includes digital ads, email, and media assets, will be called Altaba Inc. following this historic deal. The Yahoo-branded web portal, search engine, email, and news services will exist as usual but will be integrated with Verizon-owned AOL, a report said.
The deal still needs to get the green light from regulators and is likely to be finalized in the first quarter of 2017. Reports of a massive data breach affecting over one billion accounts has raised concerns over the historic deal. Verizon has said that it is "still investigating the data breaches." Altaba Inc.'s primary assets include its 15% stake in Chinese e-commerce company Alibaba Group Holding Ltd. and 35.5% stake in Yahoo Japan. After removing Mayer from the post, Altaba named Eric Brandt chairman of the five-member board. The company experienced a disappointing year in 2016, with a reported $4.4 billion in losses.
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