Verizon's first move with Yahoo: Ditch thousands of jobs

Terrell Bush
June 9, 2017

This means that roughly 2,100 jobs will be cut.

The deal with Verizon will end Yahoo's run of more than 20 years as an independent company.

With that deal on final approach, many Yahoo and AOL employees may be uttering oaths of their own as Verizon prepares to purge about 2,100 workers from the combined organization, according to a Wall Street Journal report. These would be jobs at AOL and/or Yahoo, not the parent company.

Yahoo shareholders have approved the $4.48 billion sale of the company's main web properties to Verizon Communications, clearing the last major hurdle for a deal announced nearly a year ago. The two companies have a combined total of about 14,000 employees. With access to over 1B consumers upon close, we will be positioned to drive one of the most important platforms in the consumer brand space.

Oath will be led by AOL CEO Tim Armstrong and will house all of AOL and Yahoo's brands, including Engadget, the Huffington Post, and TechCrunch.

The news comes as Yahoo shareholders vote on merger approval on Thursday.

Yahoo CEO Marissa Mayer agreed to the sale last year after a four-year turnaround effort failed to stem a slide in advertising revenue.

Plans to combine both companies have been in the works for a while, as the pair attempt to make a cohesive unit out of two entities that have multiple assets and also multiple problems.

But a few current Yahoo execs have been tapped to take on big roles at the new company.

U.S. household wealth rises - Buoyed by higher stock prices, Americans' household net worth rose 1.4 percent to $94.8 trillion in the first three months of this year, a trend that could support future spending.

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