d.</p> 
   <p data-para-count="177" data-total-count="325">First, let’s say what the Yahoo sale is not. It is not a sale of the publicly traded company. Instead, it is a sale of the Yahoo subsidiary and some related assets to Verizon.</p> 
   <p data-para-count="529" data-total-count="854">The sale is being done in two steps. The <a href="https://www.sec.gov/Archives/edgar/data/1011006/000119312516656036/d178500dex22.htm">first step</a> will be the transfer of any assets related to Yahoo business to a sin