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Yahoo to change name to Altaba once Verizon buys brand and operations
Yahoo, one ofthe Internet's most venerable companies, won't exist for much longer. Verizon confirmed plans to acquire Yahoo for $4.8 billion in July, and a new financial filing from Yahoo includes details of what's going to happen next.
However, Verizon has promised that—if the increasingly bumpy buyout completes—the Yahoo brand will live on. July's proposed sale included the firm's operating business, but it didn't include the big chunk of Chinese e-commerce siteAlibaba 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 on Monday, will be rolled into a publicly-traded investment company called Altaba.
The size of the board will be reduced to five directors, and many key executives will leave, including—as expected—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," Yahoo's filing said.
The planned Yahoo takeover isn't going smoothly, however. At one point, shortly after what looked like a major state-sponsored hacking attack on Yahoo, Verizon was reportedly getting cold feet about its proposedpurchase.
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.
This story was updated to clarify Verizon's plans for the Yahoo brand now that the firm's remaining assets will be held by Altaba.
by Jossy / 42 Views
Pioneering search engine AltaVista is due to be shut down on 8 July.
AltaVista was one of the first search engines to index significant amounts of web content and proved hugely popular before Google debuted.
Current owner Yahoo announced its demise in a blogpost that detailed the latest round of products and services it plans to shut down.
Yahoo acquired the AltaVista technology, index and name when it bought ad firm Overture in 2003.
After the shutdown anyone seeking the AltaVista site will be redirected to the main Yahoo search page.
AltaVista was launched in 1995 when search engines generally did a poor job of logging information on the web's rapidly growing population of sites.
The search engine was popular because it had indexed about 20 million webpages, far more than any rival at the time. It developed its own "crawler" technology that did the job of finding webpages and logging what was on them. It also used fastcomputers behind the scenes to return results quickly.
The combination made AltaVista one of thetop web destinations until 2001 when the number of searches conducted via Google overtook it.
The software behind AltaVista was created by US computer scientists Paul Flaherty and Louis Monier and Briton Michael Burrows while all three worked in the research labs of DEC (Digital Equipment Corporation).
In 1998, DEC was bought by PC maker Compaq which started AltaVista's long decline. It was sold off in 1999 to a venture capital firm who prepared an IPO that was abandoned in the wake of the dotcom crash of 2001. AltaVista was then bought by Overture in 2003 and became part of Yahoo when that firm was bought later that year.
Search analyst Danny Sullivan wrote a eulogy for AltaVista on the Search Engine Land site saying the search service was "loved" during itsbrief heyday and that it deserved a better send off than Yahoo had given it.
"Yes, it was time for you to be retired," he wrote. "But you deserved your own post, not having your closure mixed in among the other many products being axed."
Source :- bbc.com/news/technology
by Jossy / 56 Views
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