Verizon Plans to Cut About 2000 Jobs at Yahoo, AOL

Now that it's approved, Yahoo expects to close the deal on Tuesday, a move that will bulk up Verizon's advertising efforts.

Yahoo shareholders approved the $4.5 billion transaction Thursday and it is expected to close on June 13.

Once the acquisition is complete, Yahoo and AOL will form a new digital company under Verizon called Oath.

We understand there are around 14,000 employees in total across AOL and Yahoo today. 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.

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

Yahoo slashed the price of its core internet business by $350 million. Verizon Communications pre-estimates to have 1.3 billion users and $7 billion in sales from the combined AOL and Yahoo.

"Oath's strategy is to lead the global brand space", an AOL spokesperson told TechCrunch. With access to over 1 [billion] consumers upon close, we will be positioned to drive one of the most important platforms in the consumer brand space. During an all-company meeting with AOL and Yahoo in May, he was asked by employees what would happen to them.

Sources reporting to TechCrunch claim as many as 2,100 jobs, or roughly 15 percent of their combined global workforce, are in jeopardy.

  • Delia Davidson