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Friday , 18 August 2017
Breaking News

Verizon to cut 2000 Jobs over Yahoo-AOL

It is believed that Verizon Communications Inc is expected to cut about 2,000 jobs when it completes its $4.48 billion acquisition of Yahoo Inc’s core assets next week, a person briefed on the matter said.

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. Many of the jobs are in California and some are outside the United States, said the source, who asked not to be identified because the matter is not yet public. Yahoo shareholders on Thursday approved the company’s sale, according to preliminary results from a shareholder meeting.

Verizon will have to pay a price for laying off Yahoo employees. As reported , a so-called double trigger provision clause would grant all Yahoo employees a special payout should they lose their jobs quickly after this deal.

Besides the layoffs, there will also be an executive shuffle after the deal closes. Many of Yahoo’s top brass, including CEO Marissa Mayer, are expected to leave. But a few current Yahoo execs have been tapped to take on big roles at the new company .

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