Verizon plans to cut about 2000 jobs at Yahoo, AOL

Verizon plans to cut about 2000 jobs at Yahoo, AOL

Verizon plans to cut about 2000 jobs at Yahoo, AOL

It is believed that Verizon Communications Inc is expected to cut about 2,000 jobs when it completes its $4.48 billion acquisition of Yahoo Inc's core assets next week, a person briefed on the matter said.

In a vote today, Yahoo's stockholders formally approved the sale of sad former internet company Yahoo to telecoms giant Verizon. The deal is expected to close by June 13.

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. The parts of Yahoo that were not bought by Verizon will become a company named Altaba.

Verizon's post-acquisition plan for Yahoo is to merge it with AOL, which these days is mostly a media company.

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Neither Yahoo nor AOL immediately responded to a request for comment. TechCrunch reports that 14,000 employees now work at AOL and Yahoo.

"Oath's strategy is to lead the global brand space", an AOL spokesperson said in a statement to CNN Tech. "With access to over one billion consumers upon close, we will be positioned to drive one of the most important platforms in the consumer brand space".

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

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