Yahoo shareholders signed off on Verizon 's proposal to buy Yahoo's core internet business on Thursday. According to these sources, Verizon will not cut equally across AOL and Yahoo, stating one company could see up to 30 per cent of its staff departing. Yahoo stockholders approved the previously announced proposed sale to Verizon Communications Inc.
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AOL agreed to purchase Yahoo in July for $4.83 billion but later reduced that price to $4.5 billion after a series of data breaches at the search pioneer. Many of Yahoo's top brass, including CEO Marissa Mayer, are expected to leave.
The layoffs are expected to be announced soon after the deal closes, according to the source. The digital media operation will be known as Oath, but the Yahoo and AOL brands won't go away. "Oath's strategy is to lead the global brand space". TechCrunch reports that 14,000 employees now work at AOL and Yahoo.
Mr. Armstrong chose his leadership team several weeks ago, and that group has helped determine where the layoffs will occur, the person said. But subsequent reports from Variety and TechCrunch indicated those outlets confirmed cuts would total 15 percent of the combined company - or about 2,100 positions out of the company's combined 14,000 employees.