Verizon's first move with Yahoo is to ditch 2100 jobs

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In Apr 2017, Verizon Communications unveiled its plans to unite AOL Inc. with Yahoo's core internet assets under one umbrella - Oath.

Verizon is expected to let go of around 2,000 people from Yahoo and AOL when it completes the acquisition sometime next week, according to a recent report from Reuters.

With roughly 14,000 workers between AOL and Yahoo, the 2,100 positions being made "redundant" represents 15 percent of their employees, according to the TechCrunch report.

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Verizon just moved one step closer to owning Yahoo - and laying off thousands of employees.

Yahoo shareholders are set to vote on a proposal to authorise the sale of Yahoo to Verizon at a special meeting on Thursday.

After the deal closes - expected on on Tuesday - shareholders of Yahoo stock will become shareholders of Altaba Inc., which oversees the company's investments in Chinese e-commerce firm Alibaba and tech firm Yahoo Japan, a portfolio of patents called Excalibur and cash. So far, Go90 has fallen short of Verizon's expectations, but the company apparently remains completely committed to the mobile app. This includes "aligning", the new company's "global organization".

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Oath will be led by AOL CEO Tim Armstrong.

Yahoo CEO Marissa Mayer agreed to the sale last year after a four-year turnaround effort failed to stem a slide in advertising revenue.

Beyond vague comments concerning leading the "global brand space", we don't know Verizon's plans for Oath.

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The proportion of jobs being made redundant across AOL and Yahoo is around 15 per cent globally, we have confirmed with our sources.


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