Verizon's Yahoo deal closes next week, layoffs coming

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 Verizon-Yahoo deal is expected to close on June 13, according to a Thursday announcement from the Sunnyvale, California-based company. Marissa Mayer, Yahoo's outgoing CEO, stands to make $186 million from the sale.

It is also said that Verizon is not offering any voluntary redundancies, and employees who left in recent months are being paid out to help hit reduction targets. In addition, Yahoo stockholders voted to approve the advisory vote on the compensation payable to the Company's named executive officers in connection with the completion of the Sale Transaction.

Verizon's internet division AOL and Yahoo will be combined into a unit called Oath.


AOL agreed to purchase Yahoo in July for $4.83 billion but later reduced that price to $4.5 billion after a series of data breaches at the search pioneer. "Oath's strategy is to lead the global brand space".

Together, AOL and Yahoo own a number of prominent brands, including The Huffington Post, TechCrunch, Engadget, Tumblr, Flickr and MovieFone.

Armstrong has been upfront that there will be layoffs.

With roughly 14,000 workers between AOL and Yahoo, the 2,100 positions being made "redundant" represents 15 percent of their employees, according to the TechCrunch report.


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