Yahoo shareholders approve sale of core business to Verizon

Randall Padilla
June 9, 2017

At the time, Armstrong reportedly said the company was cutting corporate jobs and wanted to focus more on its mobile, video and data groups.

But a series of revelations about massive hacks of Yahoo users' data, news that the company knew about one of them but kept quiet about it for nearly two years, and at least two dozen hack-related lawsuits threatened the deal. ("Verizon") of the Company's operating business (the "Sale Transaction"). The sale values Yahoo at about $4.5 billion, a price that was reduced by hundreds of millions in February, after details of a major Yahoo security breach leaked.

Layoffs are expected to take place across AOL and Yahoo that could number up to 1,000 jobs, or 20 percent of the combined company, sources told Recode.

Shares of Yahoo rose more than 10 percent on Thursday amid the news, closing at $55.71. "Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy", an AOL spokesperson said. Many of Yahoo's top brass, including CEO Marissa Mayer, are expected to leave.

"Oath's strategy is to lead the global brand space".

Following the merger, AOL and Yahoo will be rebranded as "Oath," with AOL CEO Tim Cook at the helm. Yahoo - with its popular mail and messaging service - helped popularize the idea of the internet as a means of keeping in touch with friends, family, and work colleagues. The companies declined to comment on the reports at that time. The former search engine giant will now merge with AOL to form the future Verizon division Oath. Follow him on Facebook and Twitter for updates and his random thoughts on the latest trends in gaming, tech, and comic books.

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