Verizon to cut 2000 Jobs over Yahoo-AOL

Verizon to cut 2000 Jobs over Yahoo-AOL

Verizon to cut 2000 Jobs over Yahoo-AOL

The acquisition marks the end of the line for Yahoo as a standalone company, a storied Web pioneer once valued at more than $US100 billion. Mayer received a $900,000 pay check every week for a total of $239 million during her tenure-all while Yahoo saw its workforce shrink by 50 percent over the same period.

More than 2,000 jobs across AOL and Yahoo jobs will be cut when the corporate merger between Verizon and Yahoo closes, according to a report from TechCrunch.

"What Yahoo had in the way of property, content, customers, etc., was always the objective and in this case, if you think about it, the security snafu or debacle worked in (Verizon's) favour because it reduced the price", he said.

Yahoo announced that its stockholders have approved the sale to Verizon of the company's operating business, in a deal worth about $4.5 billion, with the transaction expected to close on Tuesday, June 13. TechCrunch reports that 14,000 employees now work at AOL and Yahoo. News of the impending merger sent Yahoo's stock prices soaring to $54.80 which is the highest they have been since September 2000.

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"Oath's strategy is to lead the global brand space", an AOL spokesperson told TechCrunch.

Beyond vague comments concerning leading the "global brand space", we don't know Verizon's plans for Oath. Tim Armstrong, the former AOL CEO who tried unsuccessfully to merge AOL and Yahoo when they were both independent, will now be CEO of Oath.

Yahoo announced in September that hackers in 2014 stole personal data from more than 500 million of its user accounts.

But a few current Yahoo execs have been tapped to take on big roles at the new company.

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