Yahoo announced that board members, including CEO Marissa Mayer and co-founder David Filo, would step down from the board of directors once the company’s core Internet assets are sold to Verizon. What remains of the company after the sale is completed would be renamed Altaba (combining “alternate” and “Alibaba”). “Altaba’s remaining assets include Yahoo’s stake in Alibaba Group Holding Ltd. and Yahoo Japan,” reports The Wall Street Journal. Board member Eric Brandt, former CFO of Broadcom, will become Altaba’s chairman. Mayer “is expected to remain with Yahoo once it becomes part of Verizon.” The deal will cost Verizon about $4.8 billion, unless terms are changed due to two recent high-profile hacks of user data.  Continue reading New Name for Yahoo After Verizon Sale, CEO to Leave Board

Snapchat parent company Snap Inc. has confidentially filed for its IPO, according to sources familiar with the matter. The four-year old messaging app could go public as early as March 2017, in what is expected to be one of the highest-profile stock debuts in years, and one that could potentially convince other tech startups to test public markets. The Venice, California-based company is looking to raise as much as $4 billion, with a valuation in the $25 billion range, which could make it the largest U.S.-listed tech offering since Chinese e-commerce giant Alibaba went public in 2014. Continue reading High Profile Snap IPO Could Push Other Startups to Go Public

China’s Ant Financial Services Group, an affiliate of Alibaba Group Holdings, is building a global network of merchants that accept its payment services via the Alipay mobile payments app. Ant Financial just announced a partnership with the online-payments arm of Thai conglomerate Charoen Pokphand Group, meaning that Chinese tourists can use their familiar payment app there. Alibaba has also launched its new Digital Media and Entertainment Group as the company continues its push into movies, online video, music, gaming and more. Continue reading Alibaba Expands Alipay, Creates Media Entertainment Group

Japan’s SoftBank Group, led by chief exec Masayoshi Son, is partnering with a Saudi sovereign-wealth fund to establish a multibillion-dollar tech investment fund. SoftBank is an ambitious tech investor, as evidenced by its recent deals with China’s Alibaba Group, mobile carrier Sprint and chip designer ARM Holdings. Today, the company “plans to invest at least $25 billion over the next five years through a fund dubbed the SoftBank Vision Fund,” reports The Wall Street Journal. “Saudi Arabia’s Public Investment Fund may contribute an additional $45 billion over the next five years as the fund’s lead partner.” SoftBank is in talks with additional global investors, who could “push the new fund up to $100 billion to become the world’s ‘biggest investor’ in technology over the next decade.” Continue reading SoftBank Signals Major Ambitions with $100 Billion Tech Fund

Snap Inc., the newly named parent company of messaging service Snapchat, is readying an initial public offering that could value the company at more than $25 billion. Snap is reportedly prepping “for an IPO with a view toward selling the shares as early as late March,” explains The Wall Street Journal. “There is no guarantee the four-year-old Venice, California, company will proceed with a share sale in that time frame, and there is no guarantee it will achieve a valuation of $25 billion or more.” However, if the company does reach that value, “it would be the biggest company to go public on a U.S. exchange since 2014″ when China’s Alibaba Group Holding made its debut. Continue reading Snapchat Parent Preparing IPO, Valuation Could Exceed $25B

Alibaba is expanding beyond e-commerce into social media and entertainment with its mobile app Taobao. Founded in 2003 as a site for small businesses to sell directly to consumers, Taobao has since blossomed with social and entertainment, a “one-stop shop” paradigm that’s getting Chinese youth to spend more time on the site than visitors to Amazon and Twitter, and mobile revenue more than doubling in the most recent quarter. What helps to make the site so successful are its more than 1,000 special interest groups. Continue reading Alibaba’s Shopping App Mixes E-Commerce and Social Media

After two years of spending big to succeed in China, Uber has thrown in the towel and made a deal with rival Didi Chuxing. As a result, for a 20 percent stake, Uber China will become part of the larger Chinese company, which is valued at $35 billion. Prior to the deal, Didi was valued at $28 billion. Uber purportedly spent more than $2 billion in China. Meanwhile, Uber is using some of the $13.5 billion raised recently from investors to double-down on its global mapping project, with a $500 million investment. Continue reading Uber Inks Deal with Chinese Rival Didi, Focuses on Mapping

Chinese tech company LeEco (formerly LeTV), has paid $2 billion for California television seller Vizio, which presently controls about 20 percent of the U.S. market. The Beijing-based company is often referred to as the Netflix of China, although it sells hardware devices such as TVs, set-top boxes, smartphones and electric cars in addition to its streaming services. With the acquisition, LeEco can now bring its services to the U.S. “Our strategy is to integrate our platform — including software and services — with devices,” said LeEco exec Winston Cheng. Continue reading LeEco Acquires Vizio to Bring its Streaming Services to U.S.

Japan’s SoftBank Group has agreed to acquire United Kingdom’s ARM Holdings for more than $32 billion in an all-cash deal, which insiders suggest marks a major move by the Japanese telecom toward the mobile Internet. As a top designer of chips for companies such as Apple and Samsung, ARM dominates the smartphone market and is a leader in the mobile revolution. Its designs appear in a range of devices, including Internet of Things sensors. The number of chips featuring ARM processors reached 14.8 billion in 2015, up from 6.1 billion five years earlier. Continue reading SoftBank to Purchase UK-Based Chip Designer ARM Holdings

Magic Leap has not yet set a date to unveil its mixed reality technology, and didn’t do so at a recent Fortune conference in Aspen. There, Magic Leap founder/chief executive Rony Abovitz and chief marketing officer Brian Wallace said the technology is “very real” and “not a research project anymore.” Some listeners detected a hint that a product might be released this fall, but Abovitz and Wallace never made an overt statement. The most they would say is that the public would see its products “soonish.” Continue reading Magic Leap Still Mum on Release Date, Describes Production

As Yahoo’s global online ad revenue is forecast to drop by 14 percent this year, and scrutiny of the embattled Internet company’s leadership continues, Starboard Value has initiated a shareholder revolt. Yesterday, in a letter to investors, the activist hedge fund introduced nine candidates to run for the Yahoo board (including Starboard chief exec Jeffrey Smith). Starboard, which holds a 1.7 percent stake in Yahoo, has called into question the leadership of Yahoo CEO Marissa Mayer and is looking to oust the company’s current board. Starboard hopes that such pressure will encourage the sale of Yahoo’s core businesses. Continue reading Starboard Suggests Replacements for Yahoo Board Members

European pay-TV company Sky launched Sky VR Studio to create immersive video content for VR platforms. The first content will involve sports and, later, entertainment and news. Majority-owned by 21st Century Fox, Sky, which was an early investor in VR startup Jaunt, has 21 million subscribers. Sky’s VR content will first be ported to third party platforms such as Facebook 360, Oculus and YouTube 360, for users with Oculus Rift and Samsung Gear VR. Its ultimate goal is to develop its own VR app and host and stream VR content. Continue reading Sky Opens VR Studio to Produce Virtual Reality Video Content

Although rumors are swirling that Amazon plans to open a global shipping and logistics operation to compete with both FedEx and United Parcel Service, the company’s chief financial officer Brian Olsavsky said that Amazon is merely looking to supplement its shipping partners during busy periods such as Christmas. But Amazon might actually have more ambitious plans than Olsavsky is willing to admit. A 2013 report targeting Amazon senior management actually proposes a major expansion of its Fulfillment By Amazon. Continue reading Amazon is Quietly Building “One-Click-Ship” Global Delivery Biz

Developers have discovered code within the current version of Snapchat that may offer clues about new features coming to the popular messaging app. While Snapchat may not roll out the features, it does show that the company has been working on ways to ramp up competition with other messaging apps such as WeChat and FaceTime. The hidden code provides a framework for the integration of stickers to sell within the app and an enhanced video chatting system that works more like a phone call. Continue reading Code Reveals Potential Features for Snapchat Including Video

Since the 2012 hiring of former Google executive Marissa Mayer to improve Yahoo’s fortunes, the company has failed to turn around and is now facing difficult choices. Among many plans devised, the latest occurred last month when executives favored spinning off the company’s main Internet business. That strategy may be abandoned as Yahoo considers a sale of its business, while an activist — and anonymous — investor mounts a proxy fight. Employee morale is said to be low in light of 1,100 layoffs since August 2014. Continue reading Time is Up for Yahoo’s Turnaround, Sale Now On the Table