Verizon will have to pay a price for laying off Yahoo employees. Such eliminations are typical of mergers, but Recode noted areas for reductions in this case might include human resources, finance, marketing, and general administration. Assuming they wave the deal ahead, the $4.5 billion transaction is expected to close in the next week.
The combined company will cut 15 percent of its 14,000-person workforce, or about 2,100 jobs, said a person familiar with the matter who didn't want to be identified. A special meeting for Yahoo's shareholders' approval for the same is scheduled at today's date.
Verizon plans to merge Yahoo and AOL under the brand "Oath", which will be headed up by AOL CEO Tim Armstrong. The CEO has chalked out plans to increase Oath's combined user base from 1.3 billion consumers to 2 billion and achieve sales in the range of $10 billion to $20 billion by 2020.
Apple's HomePod puts Siri in living rooms
Apple concluded its Worldwide Developers Conference keynote on Monday with a sneak peek of an all-new product: The HomePod . But so far, he argued, none of Apple's competitors have "reinvented" how consumers listen to music in their homes.
Yahoo Chief Executive Officer Marissa Mayer agreed to the sale last year after a four-year turnaround effort failed to stem a slide in advertising revenue. According to The Street, an AOL spokesperson did not comment on layoffs, but did acknowledge changes. In addition, Verizon has purchased a 24.5% stake in AwesomenessTV, which is controlled by DreamWorks, and has invested in its Go90 mobile video service that streams original content, including the popular teen drama "Guidance".