Yahoo shareholders approve sale of core business to Verizon

Duane Stephens  Facebook
Duane Stephens Facebook
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09 June, 2017

Yahoo shareholders voted Thursday to approve a revised agreement for Verizon to buy Yahoo's core Internet assets for $4.48 billion, according to preliminary results from a special shareholder meeting.

Yahoo anticipates that the Sale Transaction will close on June 13, 2017.

One employee already on her way out is Yahoo CEO Marissa Meyer, who was criticized for her handling of the data breaches.

The cuts are expected to come from Verizon's AOL and Yahoo units and represent about 15 percent of the staff at the two units.

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What remains of Yahoo after the sale, when the will be renamed Altaba Inc., will be the most valuable parts of the current company: stakes in China's Alibaba Group Holding Inc. and Yahoo Japan that are worth more than $40 billion.

In addition to the vote on the transaction, shareholders also approved the advisory vote on compensation for top executives in connection with the Verizon deal. Verizon plans to launch a new media division called Oath that will oversee its AOL and Yahoo acquisitions. "Oath's strategy is to lead the global brand space". (NYSE:VZ), the owner of AOL, will be reducing the company's workforce after it merges with Yahoo.

Tech news website Recode reported this week that as many as 1,000 jobs could be shed as redundant positions get eliminated at combined AOL and Yahoo operations.

"Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy", said an AOL spokesperson in an email to TheWrap.


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