Verizon Reportedly Eyeing AOL, Yahoo Job Cuts Post Merger

Verizon Reportedly Eyeing AOL, Yahoo Job Cuts Post Merger

There have been a few snafus along the way, notably Yahoo's data-breach scandals, but the deal is supposed to close this month.

Verizon's post-acquisition plan for Yahoo is to merge it with AOL, which these days is mostly a media company. In February, Yahoo and New York-based Verizon agreed to drop the purchase price by $350 million.

Verizon Communications is expected to cut about 2,000 jobs when it completes its $4.48 billion acquisition of Yahoo's core assets next week, a person briefed on the matter said.

But it will be competing against a slew of other companies also looking to break in. Marissa Mayer, Yahoo's outgoing CEO, stands to make $186 million from the sale. The company had said it hoped to close the deal by mid-June, and Tech Crunch reported that a proxy vote is taking place Thursday, meaning the deal could be finalized within a week.

Verizon - the parent company of AOL - announced it would scoop up Yahoo last July for almost $5 billion. The combined monstrosity will be called "Oath," presumably because Verizon has realized that neither AOL nor Yahoo are particularly well-regarded brands these days.

Armstrong has been upfront that there will be layoffs. (NYSE:VZ), the owner of AOL, will be reducing the company's workforce after it merges with Yahoo. 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.

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