Verizon to cut 2000 Jobs over Yahoo-AOL

Verizon to cut 2000 Jobs over Yahoo-AOL

Verizon to cut 2000 Jobs over Yahoo-AOL

In Apr 2017, Verizon Communications unveiled its plans to unite AOL Inc. with Yahoo's core internet assets under one umbrella - Oath. Now that it's approved, Yahoo expects to close the deal on Tuesday, a move that will bulk up Verizon's advertising efforts. Many of Yahoo's top brass, including CEO Marissa Mayer, are expected to leave. To be fair though, that is not the price the company initially agreed upon though as Verizon knocked off a few hundred millions after Yahoo was involved in a major scandal that saw several hundred million accounts go missing.

The news of Verizon's acquisition was first announced back in July but the deal is now coming to a close. 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 combined monstrosity will be called "Oath," presumably because Verizon has realized that neither AOL nor Yahoo are particularly well-regarded brands these days. During an all-company meeting with AOL and Yahoo in May, he was asked by employees what would happen to them. "Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy", the spokesperson said.

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Armstrong has been upfront that there will be layoffs.

Tech news website Recode reported this week that as many as 1,000 jobs could be shed as redundant positions get eliminated at combined AOL and Yahoo operations.

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