Verizon's Yahoo deal closes next week, layoffs coming

Apple CEO Tim Cook delivers the opening keynote address at the Worldwide Developers Conference

Verizon is reportedly planning to cut up to 2,100 jobs as it combines AOL and Yahoo.

In a vote today, Yahoo's stockholders formally approved the sale of sad former internet company Yahoo to telecoms giant Verizon.

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

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The layoffs, which affect roughly. Mayer is not expected to remain at Yahoo after the sale is completed.

More than 2,000 jobs across AOL and Yahoo jobs will be cut when the corporate merger between Verizon and Yahoo closes, according to a report from TechCrunch.

The phone company wants to become a strong third choice for advertisers by adding Yahoo's popular sites and billion users worldwide to its own media business, which includes AOL and Verizon's home-grown go90 video service.

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In unrelated news, Yahoo also voted today to approve the final compensation for its executive team. TechCrunch reports that 14,000 employees now work at AOL and Yahoo.

According to TechCrunch, Verizon will downsize staff at AOL and Yahoo by about 15 percent once the merger is finalized.

"Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy", AOL wrote in a statement. 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. News of the layoffs was earlier reported by technology news site Recode.

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