Yahoo shareholders approve sale of core business to Verizon

Then Yahoo disclosed two large security breaches, one in 2014 that hit more than 500 million accounts and another in 2013 that affected more than one billion accounts.

Verizon is set to cut thousands of jobs from Yahoo and AOL as the companies integrate, multiple media outlets reported on Thursday.

We understand there are around 14,000 employees in total across AOL and Yahoo today.

It is believed that Verizon Communications Inc is expected to cut about 2,000 jobs when it completes its $4.48 billion acquisition of Yahoo Inc's core assets next week, a person briefed on the matter said. Some of those positions will be duplicate roles in finance, HR, and other admin departments, but cuts to editorial and product teams are also possible. Many of Yahoo's top brass, including CEO Marissa Mayer, are expected to leave.

The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed previous year. That means the remainder company, to be renamed Altaba, will become an investment vehicle reflecting the Alibaba investment when the Verizon deal closes on June 13th.

Together, AOL and Yahoo own a number of prominent brands, including The Huffington Post, TechCrunch, Engadget, Tumblr, Flickr and MovieFone. "Oath's strategy is to lead the global brand space".

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", an AOL spokesperson said.

  • Latoya Cobb