Verizon Takes Reins in Silicon Valley Amid AOL-Yahoo Layoffs
- Armstrong meets with staff in Sunnyvale for integration
- Executive sees 2,100 job cuts to eliminate redundancy
Yahoo! Inc.
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Verizon Communications Inc. executives descended on the Silicon Valley headquarters of their latest acquisition, Yahoo! Inc., to usher in what they’re heralding as a bright new era for some of the faded stars of the internet age.
Tim Armstrong, chief executive officer of the Verizon digital division now called Oath, is in Sunnyvale, California, meeting with staff and beginning the integration work to combine Yahoo, acquired Tuesday for $4.5 billion, with Verizon’s AOL unit. The first steps will include a reduction of about 15 percent of Oath’s combined staff -- about 2,100 people -- with a focus on redundant tasks, such as support for two email systems.