Verizon to cut about 2100 jobs in merger of Yahoo with AOL

Verizon to cut about 2100 jobs in merger of Yahoo with AOL

Verizon agreed to cut the deal price by $350 million in February following Yahoo's disclosures of two massive security breaches affecting more than one billion users.

Yahoo! Inc. shareholders approved the USD4.48 billion sale of the company's main web properties to Verizon Communications Inc., clearing the last major hurdle for a deal announced nearly a year ago.

AOL CEO Tim Armstrong will lead the combined company under Verizon's new businesses unit, which is overseen by Verizon's Marni Walden.

Verizon will reportedly cut roughly 2,100 jobs after the acquisition and merger of Yahoo and AOL is finalized. Marissa Mayer, Yahoo's outgoing CEO, stands to make $186 million from the sale.




Verizon announced an agreement to acquire Yahoo in July of a year ago, after a long bidding process.

The layoffs are expected to be announced soon after the deal closes, according to the source.

After the Verizon deal, Yahoo will be renamed Altaba, a holding company whose primary assets will be its stake in Alibaba Group Holding Ltd BABA.N and a 35.5 percent stake in Yahoo Japan Corp.

Verizon is betting it can use data from more than 200 million unique monthly visitors to Yahoo sites and combine it with data on 150 million unique monthly AOL users and its own user base of over 100 million wireless subscribers to offer more targeted services for advertisers. During an all-company meeting with AOL and Yahoo in May, he was asked by employees what would happen to them. "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". "Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy".

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