14 DAY TRIAL // Yahoo is officially trading hands on June 13, 2017, the company announced.
In the making for the past year, Yahoo is being acquired by Verizon, and the company's shareholders have finally given their formal approval of the sale, which is anticipated to close on June 13, 2017.
Once the deal is done, Yahoo will change its name to Altaba and restructure itself into an investment company. Altaba will continue to own a large portion of Alibaba, the extremely successful Chinese web concern, as well as Yahoo Japan, which is a service much like Yahoo is now, but which has also branched out into e-commerce. Altaba will also hold stakes in other companies and the patent portfolio.
Verizon has agreed to pay $4.8 billion for the transaction, after cutting down $350 million following the news of the world's largest two data breaches announced in September and December 2016, which affected 500 million and 1 billion users, respectively.
Regular employees to be fired, execs to earn millions
It is rumored that thousands of Yahoo employees that are supposed to move at Verizon once the deal is done will actually get fired.
At the other end of the line are top execs who will be getting paid millions instead of being left without a job. Marissa Mayer, for instance, will be cashing out $186 million in Yahoo stock once the acquisition completes. Furthermore, Mayer is set to receive a golden parachute compensation of over $23 million, unless she gets employed at Yahoo again, which is not set to happen.
Mayer, who has been with Yahoo since 2012, hasn't exactly succeeded in her plan to put Yahoo back on track. She tried different tactics, spending north of $2 billion on acquisitions that were supposed to revive the company, but managed to sink it even more. The two data breaches that were only communicated late last year also happened on her watch and it is understood that at least one of them was known for years, but the company failed to inform anyone of the matter as the execs didn't understand the severity of the incident.