Verizon plans to cut about 2000 jobs at Yahoo, AOL

Jun 09, 2017, 04:08
Verizon plans to cut about 2000 jobs at Yahoo, AOL

According to TechCrunch, around 15 percent of jobs at Yahoo and AOL, an estimated 2,100 jobs, will be cut as the companies are merged following Verizon's acquisition of Yahoo.

Yahoo stockholders approved the previously announced proposed sale to Verizon of the company's operating business, the company said Thursday. Then Yahoo disclosed two large security breaches, one in 2014 that hit more than 500 million accounts and another in 2013 that affected more than one billion accounts.

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

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USA telecom behemoth, Verizon Communications Inc.'s (VZ - Free Report) to-be-formed digital media unit - Oath - is reportedly going to sack almost 1,000 employees, post the completion of Verizon - Yahoo! Inc.

The news of Verizon's acquisition was first announced back in July but the deal is now coming to a close.

Yahoo slashed the price of its core internet business by $350 million. The combined monstrosity will be called "Oath," presumably because Verizon has realized that neither AOL nor Yahoo are particularly well-regarded brands these days.

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Mr. Armstrong chose his leadership team several weeks ago, and that group has helped determine where the layoffs will occur, the person said. "Oath's strategy is to lead the global brand space". During an all-company meeting with AOL and Yahoo in May, he was asked by employees what would happen to them.

Citing sources, TechCrunch reports that as many as 2,100 jobs will be lost of the two companies' combined 14,000 employees.

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