Verizon Communications Inc. is buying Yahoo's main internet properties. After the closing of the sale, Yahoo! Inc. will be changed to Altaba. Its Chief Executive Officer (CEO) Marissa Mayer is also leaving the Yahoo board of the investment company.

Yahoo Update: Yahoo On Sale And Changes Name To Altaba

According to the Wall Street Journal, Yahoo! Inc. is selling its web properties to Verizon Communications Inc. This deal is valued at about $4.8 billion. It also came after CEO Marissa Mayer failed to deliver the turnaround attempt that began after she arrived at Yahoo in 2012. After completing its deal with Verizon, Yahoo is set to change its name to Altaba Inc.

The company is a shareholder in Yahoo! Japan and Alibaba Group Holding Inc. CEO Marissa Mayer is letting lawyers and tax accounts figure out the best option for the stakes in Yahoo! Japan and Alibaba Group Holding Inc.

Yahoo Update: CEO Marissa Mayer & Co-Founder Are Stepping Down

According to Bloomberg, several directors affiliated with Yahoo for a long time are leaving the board of the investment company. They include CEO Marissa Mayer and co-founder David Filo. Maynard Webb, who was named chairman emeritus, and who had been chairman, also intends to leave the board. They have added that the board members departure is not due to any disagreement with the company.

Yahoo! Inc., who will become Altaba, will reduce their board to five members. They include Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith. Among the remaining directors, Eric Brandt was named the chairman. He is set to help the new company, Altaba, ease the transition to the investment company. It will also set fewer ties to its previous iconic brand.

Yahoo Latest News & Updates: Major User Account Hacks Revealed

The Verizon and Yahoo deal has come under pressure, and questions were raised. This occurred after Yahoo revealed separate hacks of user data. Last month, a second major hack of user accounts was revealed. With this, Verizon Communications Inc. is exploring a lower price, or a possible exit from its purchase agreement.