Verizon to cut 2100 AOL/Yahoo jobs when it combines the two

Tim Armstrong

Verizon is reportedly planning to cut up to 2,100 jobs as it combines AOL and Yahoo.

Yahoo shareholders voted Thursday to back the sale of the company's internet business to Verizon, clearing the way for the deal to close June 13. Ms. Mayer could reap more than $220 million in connection to the sale, up from the $187 million estimated in April due a rise in Yahoo's share price.

Late a year ago, AOL announced 500 jobs cuts and said they were unrelated to the impending Yahoo merger. Yahoo will become part of a new Verizon unit called Oath that will include media content and digital services like email.

Besides the layoffs, there will also be an executive shuffle after the deal closes. The latter will be a holdings company with primary stakes comprising of its stake in Alibaba Group Holding Ltd (BABA.N) and a 35.5 percent stake in Yahoo Japan Corp (4689.T).

Yahoo slashed the price of its core internet business by $350 million.

Neither Yahoo nor AOL immediately responded to a request for comment.

Armstrong has been upfront that there will be layoffs. "Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy", the spokesperson said. (NYSE:VZ), the owner of AOL, will be reducing the company's workforce after it merges with Yahoo.

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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