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.
Siri, speakers and software: Highlights from the Apple show
New hardware: Apple is introducing a 10.5-inch iPad Pro in an attempt to revive interest in its once hot-selling line of tablets. More powerful 21.5-inch models with 4K screens start at $1899, and 27-inch models with 5K screens start at $2699.
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.
- Apple's iMac Pro Is An Intel Xeon And AMD Vega Graphics Powerhouse
- Putin Interview: Did Russia Interfere in the US Election?
- Champions Trophy 2017: England vs New Zealand match
- OPEC meets to extend oil cuts for up to one year
- How to Watch NBA Finals Golden State vs
- Federal contractor arrested and charged with leaking classified documents to The Intercept
- Conor McGregor up 61 places in Forbes highest-paid list
- Apple Takes On Distracted Driving With New Feature
- Apple 'HomePod' speaker to take on Amazon, Google
- Apple Unveils Powerful New iMac Pro