Thursday, 26 April, 2018
  • Economy
  • Verizon's first move with Yahoo is to ditch 2100 jobs

Verizon's first move with Yahoo is to ditch 2100 jobs

Verizon Verizon
Debra Rodriguez | 09 June, 2017, 02:36

Yahoo shareholders voted Thursday to back the sale of the company's internet business to Verizon, clearing the way for the deal to close June 13.

Yahoo as a brand will be preserved within Verizon, merged with Verizon's AOL into a company called Oath.

About 2,100 people will lose their jobs at Yahoo and AOL after Verizon Communications Inc. completes its acquisition of Yahoo and combines the two onetime internet rivals, a person familiar with the matter said. The sale values Yahoo at about $4.5 billion, a price that was reduced by hundreds of millions in February, after details of a major Yahoo security breach leaked.

Yahoo expects the sale to close Tuesday, the firm said after a special meeting dedicated to the vote on the sale and "golden parachute" compensation for senior executives. Yahoo CEO Marissa Mayer will not be part of the leadership team, according to an internal memo obtained by CNN Tech in April.

Shares of Yahoo! () are up $4.21, or 8%, at $54.76, reflecting the almost 12% jump in shares of Chinese e-commerce giant Alibaba Group Holding (), which earlier today forecast revenue growth this year ahead of analysts' expectations, as my colleague Dimitra DeFotis reported earlier today.

Verizon initially agreed in July 2016 to buy Yahoo's core business for $4.83 billion.

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

Layoffs are anticipated during consolidation of Yahoo with Verizon, with media reports based on anonymous sources suggesting job losses of 1,000 to 1,500.

AOL CEO Tim Armstrong will be in charge of Oath.

Armstrong has been upfront that there will be layoffs. "Oath's strategy is to lead the global brand space. Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy".

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