Thursday, 14 December, 2017

Verizon plans to cut 2000 jobs at Yahoo, AOL

Verizon Communications will complete its $4.48 billion acquisition of Yahoo core assets next week and is expected to cut 15% of the staff at its two units Confirmed: Verizon will cut ~15% of AOL-Yahoo staff after merger closes
Kelvin Reese | 09 June, 2017, 09:35

Late previous year, AOL announced 500 jobs cuts and said they were unrelated to the impending Yahoo merger. AOL and Yahoo have a combined workforce of about 14,000 people.

More than 2,000 jobs across AOL and Yahoo jobs will be cut when the corporate merger between Verizon and Yahoo closes, according to a report from TechCrunch.

According to a regulatory filing submitted by Yahoo, once the sale closes, Yahoo will become an investment company called Altaba, responsible for managing the remaining assets, which are holdings in Yahoo Japan and Chinese e-commerce giant Alibaba, plus a patent portfolio.

The No. 1 USA wireless operator is combining Yahoo's search, email and messenger assets as well as advertising technology tools with its AOL unit, which it bought in 2015 for $US4.4 billion.

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For several shareholders entering the short meeting at the Santa Clara Marriott on Thursday, the choice to sell Yahoo's Internet properties, which include Yahoo Mail, News and Sports, was inevitable.

Neither Verizon nor AOL commented anything related to the potential layoffs but acknowledged that changes will be there. Over the past three months, share price of Verizon declined 5.66% compared with the Zacks categorized Wireless National industry's fall of 4.63%.

"Yahoo stockholders voted to approve the advisory vote on the compensation payable to the company's named executive officers in connection with the completion of the sale transaction", Yahoo said in a statement. Verizon expects mobile video and advertising to be new sources of revenue outside the oversaturated wireless market. Verizon stock dipped about 0.7 percent to $46.19.

Meanwhile, Verizon Communications is also reportedly considering a strategic option to invest $100 million in online music streamer Pandora Media Inc.

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