Yahoo! Is Dead. Say Hello to Altaba.
Bloomberg has announced that Yahoo! Inc. Chief Executive Officer Marissa Mayer will be stepping down from the board of the company following a $4.8 billion sale of its main web properties—email, digital advertising, media assets—to telecoms operator Verizon Communications Inc. Once the sale closes, the assets of Yahoo! that are not being sold to Verizon will be renamed "Altaba."
According to a regulatory filing released Monday, the new company with shares in Chinese e-commerce giant Alibaba and Yahoo! Japan will shrink its board to five members. Mayer, who was brought in from Google to turn the company's fortunes around, could be leaving with a severance package of $55 million.
There was a time when Yahoo! was one of the most promising web companies in the world, and switching one's homepage to that purple banner wasn't the preposterous suggestion it is now. But over the last decade, the internet portal giant has gone from riding the tech wave and amassing millions of active users to being sold for "a small fraction of what it was worth at its height in 2000."
Google isn't the only thing responsible for the company's free-fall. Yahoo! also has a history of killing the properties it acquires, according to Business Insider. Flickr, once a popular photo-sharing website, bore the brunt of this when Yahoo! introduced changes to the website which alienated its core audience of professional photographers.
Still, for all its many botched attempts to rise to its former stature, including a foray into streaming original television—something many of us would prefer to forget entirely—Yahoo did give us many options for entertaining ourselves, from looking up life's questions in Yahoo! Answers to connecting friends with the now defunct Yahoo Messenger.
But having not one, but two security data breaches occurring within months of each other, giving the government access to all of its customers' incoming emails, makes it difficult not to nurse a grudge, even for users who still hold residual fondness for the website. It's a resounding death knell: We're just past the point of "making Yahoo great" again.