Yahoo is selling its mobile apps, email, websites and advertising tools to Verizon, with any surplus to be owned by a holding company set to be named Altaba – BBC News reports. Its main assets will be a 15% stake in Chinese e-commerce firm Alibaba and a 35.5% stake in Yahoo Japan.
In a regulatory filing with the Securities and Exchange Commission (SEC), the company stated that five other Board members, including the Co-Founder of Yahoo, David Filo will also step down from the Board if the acquisition goes ahead. Mayer is expected to remain with the main Yahoo business.
Verizon is currently scrutinising Yahoo’s biggest data breach in history that saw data from more than one billion user accounts compromised in August 2013. There is speculation that the deal won’t go through.