Verizon Plans to Cut About 2000 Jobs at Yahoo, AOL

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.

6 things you need to know about the Apple HomePod
Daryanani said Apple may also announce an iPad Pro with a faster processor in an attempt to revive its long-slumping tablet sales. It's part of Apple's effort to entice professionals with tablets that can handle many tasks previously reserved for laptops.

UN warns Trump against quitting Paris Climate Deal
But the targets were voluntary, meaning the USA and the almost 200 other nations in the agreement could alter their commitments. Canada, the European Union and China have said they will honour their commitments to the pact if the United States withdraws.

Lorde invites fan to attend the Governors Ball with her
Lorde is super smooth ― and we're not just talking about her drink preferences (we're not sorry). Lorde is set to perform at the festival, which is held on Randall's Island in NY , on Friday.

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 Variety and 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.


Popular
  • EU President warns Trump against Paris climate deal exit

    EU President warns Trump against Paris climate deal exit

    Speaking in Berlin about the Paris climate change accord, he said that "China in recent years has stayed true to its commitment". Obama had made efforts during his administration to reduce USA emissions in an attempt to avert catastrophic climate change.

    Bombing in diplomatic area of Kabul kills 90, wounds scores

    The powerful explosion rocked the neighbourhood, which is considered the city's safest, during the peak of morning rush hour. France's foreign Minister Jean-Yves Le Drian says the French Embassy in Kabul suffered material damage in the auto bombing.

    Trump On Verge Of Making Big Changes To Communications Team

    He is respected by virtually everyone and is working on programmes that will save our country billions of dollars. And the search continues for an Federal Bureau of Investigation director to replace the fired James Comey.
  • Hawaii enacts law to align goals with Paris climate accord

    Hawaii enacts law to align goals with Paris climate accord

    Jerry Brown (D) is going to great lengths to oppose President Trump's plans to pull the USA out of the Paris climate accord. Trump's predecessor signaled a dour noted about the president's move to remove the USA from the non-binding agreement.

    Pedestrians run over by vehicle on London Bridge; Police dealing with 'incident'

    Nick Brandon of the BTP's force control room said he had received reports of an incident possibly involving a knife and a vehicle. NPR's Frank Langfitt says the bridge is closed in both directions and officials are asking people to stay away from the area.
    The Coca-Cola Co (KO) Position Decreased by Reliance Trust Co. of Delaware

    The Coca-Cola Co (KO) Position Decreased by Reliance Trust Co. of Delaware

    Lodestar Investment Counsel LLC IL's holdings in The Coca-Cola were worth $5,974,000 as of its most recent SEC filing. The institutional investor owned 76,892 shares of the company's stock after selling 13,138 shares during the period.
  • Man arrested in theft of Portland train victim's ring

    Man arrested in theft of Portland train victim's ring

    Taliesin Myrddin Namkai Meche, 23, also died in the attack, while Micah Fletcher, 21, suffered non-life-threatening injuries. George Tschaggeny was wearing Ricky Best's ring when officers arrested him Friday morning beneath an overpass, Sgt.

    Olivia Newton-John says she has breast cancer; cancels tour

    Newton-John was first diagnosed with breast cancer in 1992, and has raised funds for research and treatment as well as campaigning against animal cruelty.

    Spicer refers Russia investigation questions to Trump's outside attorney

    The equally confusing White House explanation was too late to head off a some mercilessly fun at the 45th president's expense. As the room erupted in shouts and sarcastic comments, Spicer smiled briefly but ploughed on to the next question.
  • Aussie recovers after RBA, NZ dollar hits 3-month peak

    Aussie recovers after RBA, NZ dollar hits 3-month peak

    All eyes are set on the Reserve Bank of Australia ( RBA ) which will release its monthly policy statement at 04:30 GMT. As far as consumer prices go, the central bank's expectations are largely being met.
    Local law enforcement raises money for Special Olympics with Torch Run

    Local law enforcement raises money for Special Olympics with Torch Run

    The official send-off for Special Olympics athletes from the Topeka area will be at 8 a.m. Friday in the east parking lot of TARC, 2701 S.W.

    Mr Met gives fan the finger, employee done with mascot duty

    Met sports an oversize head with baseball seams and has only four digits - three fingers and a thumb - on his hand. As usual when it comes to personnel decisions, the Mets are totally screwing this one up, because Mr.

CONNECT