According to latest reports, Verizon Communications Inc. (NYSE:VZ) is planning to slash thousands of jobs from Yahoo! Inc.(NASDAQ:YHOO) and AOL as the companies are set to combine.
Reports further said that brands in the future joint media entity, to be named Oath, could make redundant a total of about 2,100 workers, or about 15% of the total staff. The cuts are expected to be revealed next week once the deal closes.
“Oath’s strategy is to lead the global brand space. With access to over 1 [billion] consumers upon close, we will be positioned to drive one of the most important platforms in the consumer brand space. Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy,” an AOL spokesperson said.
It was reported in the past that close to 1,000 jobs could be slashed, while some other sources were citing these numbers close to 2,000. The companies declined to comment on the reports at that time.
Meanwhile on Thursday,Yahoo! Inc. (YHOO) shareholders signed off on Verizon Communications Inc.(NYSE:VZ) offer to takeover Yahoo’s core internet business.
Furthermore Verizon revealed an agreement to takeover Yahoo in July, following a lengthy bidding process. Now that it’s agreed, Yahoo is looking to wrap up the deal on Tuesday, a move that will bulk up Verizon’s advertising efforts.
Moreover the shareholder vote, which is a part of an annual meeting wraps up an demanding sale process that was thwarted by the disclosures of two enormous data breaches. The parts of Yahoo! Inc. (NASDAQ:YHOO) that were not bought by Verizon will become a company named Altaba.