Yahoo, one of the Internet’s most venerable companies, won’t exist for much longer. Verizon officially acquired Yahoo for $4.8 billion in July, and a new financial filing from the company includes details of what’s going to happen.
That July sale included Yahoo’s operating business, but it didn’t include the big chunk of Chinese e-commerce site Alibaba owned by Yahoo, and it didn’t include certain other assets, mostly shares of Asia-based companies and non-core patents. What remains, according to SEC paperwork filed today, will be rolled into an “investment company” called Altaba.
The size of the board will be reduced to five directors, and many key executives will leave, including Yahoo CEO Marissa Mayer and Yahoo co-founder David Filo. Also out are Eddy Hartenstein, Richard Hill, Jane Shaw, and Maynard Webb. The departures are not “due to any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices,” according to the company’s filing.
Yahoo is the second early web giant that was purchased by Verizon. In 2015, Verizon paid $4.4 billion for AOL.
The Yahoo purchase hasn’t gone smoothly. At one point, shortly after what looked like a major state-sponsored hacking attack on Yahoo, Verizon was reportedly getting cold feet about its purchase.
While Mayer won’t be on the team overseeing the Altaba investments, it isn’t clear if she’ll have a future inside the Verizon behemoth. Previous agreements call for Mayer to get $55 million if she’s ousted.
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