Verizon, Yahoo Deal to be Finalized in June 2017

After months of negotiations and cyber security threats, New York-based Verizon will finish its takeover of web giant Yahoo. According to a recent email sent out to Yahoo email account users, the terms and conditions of using Yahoo’s services will undergo changes once the deal is complete. There have been months of speculations if Verizon would continue with the deal since Yahoo has ongoing problems with hackers and compromising user information. A Yahoo email security breech affected about 1 billion users worldwide in 2016.

Earlier in 2017, Verizon did make some modifications to its deal with Yahoo. An announcement was made in January that Marissa Mayer will leaving her post as a member of Yahoo‘s board once the $4.8 Billion sale to Verizon is complete. According to NBC News, Verizon made the announcement as a part of its filing with the Securities and Exchange Commission. Yahoo co-founder David Filo will leave once Verizon takes control of its operating business. Several other board members will also leave after the transition, NBC News reported. Mayer, who previously said she would stay with Yahoo after the Verizon sale, will leave the company with an estimated $186 million payout.

In addition to the board changes, Verizon will also change the name of Yahoo’s partnership business with Chinese wholesale retail provider Alibaba. The new name of the partner business will be Altaba.

The deal with Yahoo is among Verizon’s expansion in the past year. The telecommunications recently signed a $3.1 billion agreement to acquire Straight Path Communications Inc., a holder of millimeter wave spectrum configured for 5G wireless services.

Verizon will purchase Straight Path for $184.00 per share in an all-stock transaction. The deal is anticipated to close within nine months, subject to FCC review.  In February 2017 Verizon purchased fiber optic operations from XO Communications group for $1.8 billion.

 

Monica Link

Monica Link

Editor-in-Chief for New York City Wired - Monica Link is a New York City-based technology / fashion writer and entrepreneur. Monica has interviewed CEO's, rising tech entrepreneurs and celebrities. Her work is followed by readers in more than 10 countries. Monica's notable interviews incliude celebrity trainer Gunner Peterson, New York Times bestsellers David Bach and Josh Linkner. As a passionate lover of the arts, Monica has performed, written and produced in live theater. She also writes about gallery exhibits, literature and fashion including New York Fashion Week. Follow her on Twitter @Memymonicalink

Leave a Reply

Your email address will not be published. Required fields are marked *