Verizon plans to cut about 2000 jobs at Yahoo, AOL

by Linda Olson June 9, 2017, 4:12
Verizon plans to cut about 2000 jobs at Yahoo, AOL

Yahoo shareholders on Thursday approved the company's sale, according to preliminary results from a shareholder meeting, and it is expected to be completed on Tuesday.

The deal's closing was delayed as the companies assessed the fallout from two Yahoo data breaches. Marissa Mayer, Yahoo's outgoing CEO, stands to make $186 million from the sale. Yahoo stockholders approved the previously announced proposed sale to Verizon Communications Inc. That means the remainder company, to be renamed Altaba, will become an investment vehicle reflecting the Alibaba investment when the Verizon deal closes on June 13th.

Yahoo slashed the price of its core internet business by $350 million.

Verizon is already eyeing a reduction of up to 2,100 employees from its Oath business following the close of its AOL-Yahoo merger, new reports indicate. The digital media operation will be known as Oath, but the Yahoo and AOL brands won't go away.

Legal experts to Trump on travel ban: Put down the Twitter
Conservatives meanwhile were warning the tweets could undermine the administration's legal case. He called the courts, which have blocked both versions of the travel ban, "slow and political".

"Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy", said an AOL spokesperson in an email to TheWrap.

Armstrong has been upfront that there will be layoffs.

Sources reporting to TechCrunch claim as many as 2,100 jobs, or roughly 15 percent of their combined global workforce, are in jeopardy. With access to over 1 [billion] consumers upon close, we will be positioned to drive one of the most important platforms in the consumer brand space.


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