Layoffs Could Total 1000 as AOL and Yahoo Complete Merger

Layoffs Could Total 1000 as AOL and Yahoo Complete Merger

Layoffs Could Total 1000 as AOL and Yahoo Complete Merger

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.

In addition, 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.

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The coming layoffs, which affect roughly 15% of the roughly 14,000 people in the combined workforce, will occur evenly across AOL and Yahoo to reduce duplication and streamline the organization, the person said.

One employee already on her way out is Yahoo CEO Marissa Meyer, who was criticized for her handling of the data breaches. Around 2,100 positions are reportedly being cut across Yahoo and AOL, the current Verizon subsidiary that Yahoo is being merged with. The latter will be a holdings company with primary stakes comprising of its stake in Alibaba Group Holding Ltd (BABA.N) and a 35.5 percent stake in Yahoo Japan Corp (4689.T).

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The layoffs are expected to be announced soon after the deal closes, according to the source. The security incidents forced Yahoo back to the negotiating table, and the two sides agreed to lop off $350 million from the price. During an all-company meeting with AOL and Yahoo in May, he was asked by employees what would happen to them.

Yahoo is becoming part of a new Verizon unit called Oath that will include media content and digital services like email. "Oath's strategy is to lead the global brand space".

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