Home Hacking News Verizon closes the deal with Yahoo for $4.48 Billion and thinking about cutting off 2,000 Jobs

Verizon closes the deal with Yahoo for $4.48 Billion and thinking about cutting off 2,000 Jobs

by Harikrishna Mekala

Once the deal closes, Yahoo and AOL are going to be unified into a combined entity known as “Oath.” AOL has indicated that it’s coming up with over 2,000 layoffs following the deal’s close.

Marissa Mayer will be stepping down as a corporate executive of Yahoo, although she’s going to still own about $186 million value of stock once she leaves.

Yahoo’s price was down by $350 million in the wake of the revelation that Yahoo passwords and private data had been compromised during a huge hacking attack.

Verizon proclaimed in July that it would acquire Yahoo’s core web business for about $4.5 billion in money. There are a couple of snafus on the approach, notably Yahoo’s data breach scandals, however, the deal is meant to shut this month. TechCrunch’s sources aforementioned it’ll shut within a week.

Verizon plans to merge Yahoo and AOL under the brand “Oath,” which is able to be headed up by AOL corporate executive Tim Armstrong.

Verizon will need to pay a price for laying off Yahoo workers. As Business corporate executive has rumored, a supposed double trigger provision clause would grant all Yahoo workers a special payout ought to they lose their jobs quickly when this deal.

Besides the layoffs, there’ll even be an executive shuffle when the deal closes. several of Yahoo’s administration, including CEO Marissa Mayer, are expected to go away. however, a couple of current Yahoo execs are tapped to require on massive roles at the new company.

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