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Yahoo shareholders approve sale to Verizon

09 June 2017

The deal's closing was delayed as the companies assessed the fallout from two Yahoo data breaches.

Yahoo shareholders voted Thursday to back the sale of the company's internet business to Verizon, clearing the way for the deal to close June 13.

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

Verizon Communications Inc. plans to cut about 2,100 jobs after completing its $4.48 billion acquisition of Yahoo!

But it will be competing against a slew of other companies also looking to break in.

The Yahoo deal came after activist investors led by Starboard Value lost faith in Yahoo Chief Executive Marissa Mayer, who was hired in 2012, and forced the sale of the company's core assets.

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According to TechCrunch, Verizon will downsize staff at AOL and Yahoo by about 15 percent once the merger is finalized.

Together, AOL and Yahoo own a number of prominent brands, including The Huffington Post, TechCrunch, Engadget, Tumblr, Flickr and MovieFone.

Mr. Armstrong chose his leadership team several weeks ago, and that group has helped determine where the layoffs will occur, the person said.

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.

"Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy", AOL wrote in a statement.

Yahoo shareholders approve sale to Verizon