Verizon Communications Inc. plans to cut about 2,100 jobs after completing its $4.48 billion acquisition of Yahoo! The deal is expected to close by June 13. Yahoo CEO Marissa Mayer will not be part of the leadership team, according to an internal memo obtained by CNN Tech in April. Verizon will seek to use Yahoo's web audience to push deeper into news and original video, expanding beyond its central business of connecting people to the internet, cable channels and their smartphones.
Verizon's post-acquisition plan for Yahoo is to merge it with AOL, which these days is mostly a media company.
In addition to the vote on the transaction, shareholders also approved the advisory vote on compensation for top executives in connection with the Verizon deal.More news: LeBron James moves up on Forbes' list of top paid athletes
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Yahoo slashed the price of its core internet business by $350 million. Tim Armstrong, the former AOL CEO who tried unsuccessfully to merge AOL and Yahoo when they were both independent, will now be CEO of Oath. "Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy", the spokesperson said. With access to over 1B consumers upon close, we will be positioned to drive one of the most important platforms in the consumer brand space.
Late a year ago, New York-based AOL laid off several hundred workers to prepare for the merger.
News of the layoffs were first reported by technology website TechCrunch.