Verizon to Lay Off More Than 2000 AOL, Yahoo Workers

AOL CEO Tim Armstrong    
   John Lamparski  Getty Images for Advertising Week New York
AOL CEO Tim Armstrong John Lamparski Getty Images for Advertising Week New York
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09 June, 2017

Yahoo! expects that the deal will close on June 13.

Following the merger, AOL and Yahoo will be rebranded as "Oath," with AOL CEO Tim Cook at the helm.

According to sources, layoffs are expected to take place across AOL and Yahoo that could number up to 1,000 jobs.

Verizon is reportedly planning to cut up to 2,100 jobs as it combines AOL and Yahoo.

Oath is expected to be Verizon's new company overseeing Yahoo and AOL, including more than 20 brands.

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In unrelated news, Yahoo also voted today to approve the final compensation for its executive team.

Verizon - the parent company of AOL - announced it would scoop up Yahoo last July for almost $5 billion. 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. The security incidents forced Yahoo back to the negotiating table, and the two sides agreed to lop off $350 million from the price. Verizon Communications pre-estimates to have 1.3 billion users and $7 billion in sales from the combined AOL and Yahoo.

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". TechCrunch reports that 14,000 employees now work at AOL and Yahoo.

Citing sources, TechCrunch reports that as many as 2,100 jobs will be lost of the two companies' combined 14,000 employees.


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