Microsoft hasn't offered any information on what the new name might be.
Earlier this month, UK satellite company BSkyB (commonly known as Sky) won a trademark infringement suit against Microsoft. The suit related to Redmond's use of the term 'SkyDrive' in the European Union. Sky claimed that Microsoft's use of 'Sky Drive' in all forms relating to cloud storage services amounted to an infringement of BSkyB's trademarks because BSkyB used to have its own cloud storage service dubbed 'Sky Store & Share.' The service allowed users to upload documents, files and photos for storage or sharing with others and was wound down in 2011. Still, Sky was worried people would be confused by Microsoft's SkyDrive offering and the courts agreed. At the time, Microsoft said it planned to appeal the ruling, though it seems the company will have to change the SkyDrive name after all.
The Verge reports that in a settlement issued on Wednesday, BSkyB notes that Microsoft will not appeal the court ruling. Not only that, but Microsoft will have to find a new name for 'SkyDrive.' BSkyB has given Microsoft permission to continue using the 'SkyDrive' brand until it can find and transition to a new name but financial terms of the agreement were not made public.