Yahoo stockholders approved the previously announced proposed sale to Verizon Communications Inc. ("Verizon") of the Company's operating business (the "Sale Transaction"). In addition, Yahoo stockholders voted to approve the advisory vote on the compensation payable to the Company's named executive officers in connection with the completion of the Sale Transaction.
Yahoo anticipates that the Sale Transaction will close on June 13, 2017. As previously announced, following the closing of the Sale Transaction, the Company will change its name to "Altaba Inc." and register as an investment company under the Investment Company Act of 1940 (the "1940 Act").
Verizon plans to launch a new media division called Oath that will oversee its AOL and Yahoo acquisitions.
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