The word is out and it’s finally happening. One of the world’s oldest email services, Yahoo is selling its core assets to American telecommunication giant Verizon and the deal is likely to close by March end. The primary assets being sold to Verizon include the web-portal, e-mail service, search engine and news service.

What’s remaining of the company are its shares in the Chinese e-commerce giant Alibaba and Yahoo Japan, which after the break up will be renamed to Altaba. Altaba is the combination of the words ‘alternate‘ and ‘Alibaba‘, a person familiar with the ongoing proceedings told the media. The

Post the breakup, Yahoo CEO Marissa Mayer and co-founder David Filo will resign from the board of directors. Other members making an exit from the board are Eddy Hartenstein, Richard Hill, Jane Shaw and Maynard Webb. The remaining members of the board will include Eric Brandt, Tor Braham, Catherine Friedman, Thomas McInerney and Jeffrey Smith. While Brandt will be serving as the chairman of the board, Webb will become Chairman Emeritus of the Board, Yahoo said in a SEC filing.

ALSO READ: WTH! Yahoo faces security breach AGAIN

However, it remains unclear what role will the CEO Marissa Mayer play once the deal is closed.

Yahoo came under intense pressure when it reported two massive breaches in its extensive database last year. While one of the breaches that took place in 2013 involved hackers stealing information of nearly 1 billion accounts, the other took place in 2014 and affected nearly 500 million accounts. The two massive breaches came at a time when the company was negotiating its terms of $4.8 billion sale with Verizon.