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Verizon plans to cut about 2000 jobs at Yahoo, AOL

09 June 2017

In a vote today, Yahoo's stockholders formally approved the sale of sad former internet company Yahoo to telecoms giant Verizon. The deal, which was delayed by Yahoo's disclosure of two massive security breaches, is expected to close on June 13.

The coming layoffs, which affect roughly 15% of the roughly 14,000 people in the combined workforce, will occur evenly across AOL and Yahoo to reduce duplication and streamline the organization, the person said. Marissa Mayer, Yahoo's outgoing CEO, stands to make $186 million from the sale.

A price cut early this year kept Verizon on track to consummate the purchase of Yahoo's internet business, and share the costs from a pair of epic hacks that threatened to derail the deal.

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.

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The new company that will be created by merging AOL and Yahoo! TechCrunch reports that 14,000 employees now work at AOL and Yahoo. Tim Armstrong, the former AOL CEO who tried unsuccessfully to merge AOL and Yahoo when they were both independent, will now be CEO of Oath.

"Oath's strategy is to lead the global brand space", an AOL spokesperson told TechCrunch.

Tech news website Recode reported this week that as many as 1,000 jobs could be shed as redundant positions get eliminated at combined AOL and Yahoo operations.

Verizon plans to cut about 2000 jobs at Yahoo, AOL