Yahoo Shareholders Approve $4.48 Billion Sale to Verizon

Violet Tucker
June 9, 2017

Late a year ago, AOL announced 500 jobs cuts and said they were unrelated to the impending Yahoo merger. The cuts will come from duplicate jobs in its AOL unit which will be combined with Yahoo to form a new company called Oath.

Verizon's first move with Yahoo: Ditch 2,100 jobs - About 2,100 jobs are on the chopping block as Verizon prepares to combine Yahoo and AOL for a digital advertising offensive. To be fair though, that is not the price the company initially agreed upon though as Verizon knocked off a few hundred millions after Yahoo was involved in a major scandal that saw several hundred million accounts go missing. During this process, as many as 2,000 jobs may be lost.

"There's been so many changes here", said shareholder Jean Stables, who has owned Yahoo stock for two decades, back when it was popular portal to the Internet. "Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy", an AOL spokesperson told TechCrunch.

AOL CEO Tim Armstrong will be in charge of Oath.

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"Oath's strategy is to lead the global brand space".

The deal's closing was delayed as the companies assessed the fallout from two Yahoo data breaches. AOL cut about 500 employees late last year, and Yahoo is down from about 14,000 employees in 2010 to roughly 8,100 as of the end of last year.

Yahoo is selling its main operating business as a way to separate that from its more valuable stake in Chinese internet giant Alibaba, which will become a new entity, to be renamed Altaba, Inc., and will act as an investment company.

Other reports by Guamnewswatch

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