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.


Popular
  • OneLogin hit by major data breach

    OneLogin hit by major data breach

    This isn't the first time OneLogin has been targeted as it also detected unauthorized access back in August 2016. OneLogin was not alerted to the unusual database activity generated by the attacker until around 9:00 a.m.
    Visit Florida Would Maintain Current Funding Under Tentative Agreement

    Visit Florida Would Maintain Current Funding Under Tentative Agreement

    Without legislative action, more of the responsibility for the regulatory framework would fall on the state Department of Health. He said the vetoed funding was "more than sufficient" to pay for the school funding, tourism and economic development increases.

    Penguins beat Predators 4-1, take 2-0 lead

    The Nashville Predators came out flying in the first period, and it looked like Nashville would take game-one over Pittsburgh . Though face-offs haven't been a strength for the Penguins all season, they'll be looking to improve that mark in Game 3.
  • SpaceX Falcon 9 Rocket launch scrubbed due to lightning

    SpaceX Falcon 9 Rocket launch scrubbed due to lightning

    While SpaceX's Dragon capsule makes history in the sky, the pad from where it launches is also celebrating a little history. Shireman explained that NASA has a fixed price contract with SpaceX for these launches so it does not quite work like that.
    Philippine lawmakers ask top court to nullify martial law

    Philippine lawmakers ask top court to nullify martial law

    Francis "Chiz" Escudero, on the other hand maintains the President's decision to declare martial law was valid. The declaration lasts through mid-July but could be extended with the consent of Congress.

    It's On! Comey to Testify June 8 Before the Senate Intelligence Committee

    But Trump himself has repeatedly said that the Russian Federation probe was on his mind when he removed Comey. Mueller was chosen to lead the department's investigation on May 17 amid concern of political interference.
  • 1000 injured in panic after soccer game

    1000 injured in panic after soccer game

    This is one of the best moments of my career - I have the chance to say this every year", he said . Real Madrid team celebrates at their stadium after winning title- Santiago Bernabeu Stadium.

    Fitbit, Inc. (NYSE:FIT) showed monthly volitility of 4.48%

    In related news, EVP Andy Missan sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, March 7th. The Average Volume of the company is 3.23 Million, while the Volume of the company in the last trading session was 4.65 Billion.

    Trump lashes out at leaks, considers staff upheaval

    The Senate and House Intelligence committees are also leading their own investigations, but not with an eye to bringing criminal charges.
  • Diplomat in China quits over Trump climate policy

    State Department official, Rank was unwilling to apprise the Chinese of the U.S.'s withdrawal from the climate pact. US Energy Secretary Rick Perry is also due to attend this week's energy meeting in Beijing .

    Donald Trump's Middle East Comment in Israel

    Trump has repeatedly underscored US support for Israel during his first global trip as president. Trump was unclear what measures this confrontation would entail.

    Donald Trump Appears to Shove Prime Minister Dusko Markovic at NATO Meeting

    Stoltenberg said later that Trump, Vice President Mike Pence and other US officials have stated clearly their assurances. White House spokesman Sean Spicer told reporters later that Trump is "fully committed" to the collective defense.

CONNECT