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

Verizon

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.

Related news:

Hot News

isis-killer-beheading-video-story-top OECD predicts fastest global growth in six years
Jun 08, 2017 - 01:47
Russian Federation will also turn the corner reaching 1.5 per cent growth in 2017 and 2 per cent in 2018. He has a deep understanding of market fundamentals and the impact of global events on capital markets.

Crosby scores, Malkin shoots yet Penguins lose 4-1 to Preds
Jun 08, 2017 - 01:47
Gaudreau's goal didn't light the lamp right away and play resumed, but the horn sounded a little later because of video review. Arvidsson had not scored a goal since an empty netter in Game 4 against Chicago that finished a sweep of the Blackhawks.

Curry, Durant lead Warriors to 2-0 lead with 132-113 rout
Jun 08, 2017 - 01:45
If the Cavaliers can't come close to them, can anyone? If the playoffs are what matter most , no team has been this dominant. Conventional wisdom entering the series was that having LeBron would be enough to steal one or two games for the Cavaliers .

isis-killer-beheading-video-story-top Existing climate efforts expected to keep US goals on track
Jun 08, 2017 - 01:44
He says tides are getting higher, biodiversity is shrinking, coral is bleaching and coastlines are eroding. Hawaii on Tuesday became the first state to enact legislation implementing the 2015 Paris climate accord.

Sports world reacts to Scooter Gennett's four-homer game
Jun 08, 2017 - 01:39
Gennett went 5-for-5 with four home runs and 10 RBI during Tuesday's 13-1 win over the Cardinals . "It's very emotional. With one out in the inning and runners on first and third, Eugenio Suarez hit a sacrifice fly to right field.

Soccer association investigating tournament
Jun 07, 2017 - 12:02
She added, "A lot of professional athletes have short hair..." Mili is biologically a female and identifies as a female. Sports Illustrated legal expert Michael McCann suggests Hernandez and her family can exact further justice.

isis-killer-beheading-video-story-top Spicer won't say whether Trump has confidence in Sessions
Jun 07, 2017 - 12:02
Pressed on the issue, Spicer said, "If I haven't had a discussion with [Trump] on a subject, I tend not" to speak about it. It's a unique audience that, prior to social media, might have been hard to reach.

isis-killer-beheading-video-story-top Ocean Unfriends Team New Zealand In America's Cup
Jun 07, 2017 - 12:02
The first team to five wins goes through to the challenger final. Team NZ 's boat on its side and its crew in the water.

Apple's Tim Cook insists it helps the police on terror
Jun 07, 2017 - 12:01
Apple also rolled out augmented reality tools for developers, and showed off new AR features that use iPhone cameras. This does not include the content of messages, but the context - when they were sent, from where, and to who.

SDF Begins Raqqa Offensive, Progress Continues in Mosul
Jun 07, 2017 - 11:55
At least 150,000 people have already been displaced by the battles in Raqqa province, according to UNICEF. A US-led coalition air strike killed 21 civilians on Monday as they tried to escape Raqqa, SOHR said.

isis-killer-beheading-video-story-top Brandon Boykin Signs with Ravens After 1 Year with Bears
Jun 06, 2017 - 05:39
Boykin was a fourth-round pick of the Eagles in 2012 and showed a lot of promise, starting four games at cornerback as a rookie. When healthy, the 26-year-old cornerback was a consistent contributor for the Philadelphia Eagles and Pittsburgh Steelers .

isis-killer-beheading-video-story-top Theresa May and Jeremy Corbyn in TV showdown
Jun 06, 2017 - 05:36
The Labour leader was challenged over his party's track record on anti-semitism under his leadership. The Prime Minister replied: "No it's not, sir".

Del Potro shows sporting spirit, closes on Murray clash
Jun 05, 2017 - 07:16
Murray was able to bounce back after dropping the first set and managed to win a fourth set tiebreak to avoid a marathon match. It brought the Spaniard to tears and to the ground, sobbing at the baseline confirming his retirement from the match.

isis-killer-beheading-video-story-top Ananya Vinay, California 6th Grader, Wins Scripps National Spelling Bee
Jun 05, 2017 - 07:16
The winning word was " marocain ", which is a dress fabric that is made with a warp of silk or rayon and a filling of other yarns. Vinay said she has two plans for her prize money: sharing it with her younger brother and putting it into her college account.

isis-killer-beheading-video-story-top Goldman under fire for buying Venezuela 'hunger bonds'
Jun 04, 2017 - 05:36
In more than 60 days of unrest, at least 60 people have died in violence related to protests against President Nicolas Maduro . Regardless, there's surely more that America could be doing to alleviate the humanitarian crisis in Venezuela.