Verizon Plans to Cut About 2000 Jobs at Yahoo, AOL
09 June 2017, 04:10 | Myrtle Hill
Telecom giant Verizon will reportedly announce plans next week to cut as many as 2,100 jobs at their AOL and Yahoo subsidiaries.
Yahoo! Inc. shareholders approved the USD4.48 billion sale of the company's main web properties to Verizon Communications Inc., clearing the last major hurdle for a deal announced nearly a year ago. Now that it's approved, Yahoo expects to close the deal on Tuesday, a move that will bulk up Verizon's advertising efforts.
The layoffs, which affect roughly. To be fair though, that is not the price the company initially agreed upon though as Verizon knocked off a few hundred millions after Yahoo was involved in a major scandal that saw several hundred million accounts go missing.
Verizon announced an agreement to acquire Yahoo in July of past year, after a long bidding process.
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In April, Verizon said AOL and Yahoo would be combined in a new unit called Oath. Yahoo shares gained 10% to $55.71 on Thursday, following a 13% surge in shares of Alibaba Group Holding Ltd.in which Yahoo still owns a stake.
In addition to the vote on the transaction, shareholders also approved the advisory vote on compensation for top executives in connection with the Verizon deal.
Neither Yahoo nor AOL immediately responded to a request for comment.
"Oath's strategy is to lead the global brand space", an AOL spokesperson said in a statement to CNN Tech. But subsequent reports from Varietyand TechCrunch indicated those outlets confirmed cuts would total 15 percent of the combined company - or about 2,100 positions out of the company's combined 14,000 employees.
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