Verizon Plans to Cut About 2,100 Jobs in Merger of Yahoo With AOLBy
Firings are said to mostly affect duplicated positions
Yahoo investors approve deal, which may close next week
Verizon Communications Inc. plans to cut about 2,100 jobs after completing its $4.48 billion acquisition of Yahoo! Inc.’s internet business and combining it with AOL, according to a person familiar with the matter.
The firings will mostly be duplicated positions -- engineering jobs are less likely to be affected, said the person, who asked not to be identified discussing private information. The cuts, which amount to about 15 percent of the combined workforce, will begin soon after the merger is completed, which could be as early as next week, the person said.
Yahoo is becoming part of a new Verizon unit called Oath that will include media content and digital services like email. Verizon will seek to use Yahoo’s web audience to push deeper into news and original video, expanding beyond its central business of connecting people to the internet, cable channels and their smartphones.
Yahoo shareholders approved the deal Thursday, clearing the last major hurdle for the sale. The Wall Street Journal reported on the layoff plans earlier Thursday.