Yahoo! Shareholders Approve Sale to Verizon

AOL CEO Tim Armstrong    
   John Lamparski  Getty Images for Advertising Week New York

In Apr 2017, Verizon Communications unveiled its plans to unite AOL Inc. with Yahoo's core internet assets under one umbrella - Oath.

Yahoo! Inc. shareholders approved the USD4.48 billion sale of the company's main web properties to Verizon Communications Inc., clearing the last major hurdle for a deal announced nearly a year ago.

The Verizon-Yahoo deal is expected to close on June 13, according to a Thursday announcement from the Sunnyvale, California-based company.

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.

Oath is expected to be Verizon's new company overseeing Yahoo and AOL, including more than 20 brands.

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Recode said the cuts would likely come in areas where there is overlap between AOL and Yahoo.

Late previous year, AOL announced 500 jobs cuts and said they were unrelated to the impending Yahoo merger.

Besides the layoffs, there will also be an executive shuffle after the deal closes. The security incidents forced Yahoo back to the negotiating table, and the two sides agreed to lop off $350 million from the price. According to these sources, Verizon will not cut equally across AOL and Yahoo, stating one company could see up to 30 per cent of its staff departing.

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

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