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Verizon plans to cut about 2000 jobs at Yahoo, AOL
09 June 2017, 04:09 | Deanna Wagner
The massive terminations are results of consolidating duties of employees with duplicate roles, specifically in departments like human resources, marketing, finance and administration, according to TechCrunch.
The deal is now expected to close on Tuesday, according to both companies. She made no remarks and took no questions during a special meeting held in Santa Clara, Calif., Thursday, a Yahoo spokeswoman said. Ms. Mayer could reap more than $220 million in connection to the sale, up from the $187 million estimated in April due a rise in Yahoo's share price. The combined monstrosity will be called "Oath," presumably because Verizon has realized that neither AOL nor Yahoo are particularly well-regarded brands these days. The CEO has chalked out plans to increase Oath's combined user base from 1.3 billion consumers to 2 billion and achieve sales in the range of $10 billion to $20 billion by 2020. ("Verizon") of the Company's operating business (the "Sale Transaction").
Despite such profitable and booming business prospects, the price performance of Verizon is depressing. Roughly 15 percent of the jobs are expected to overlap enough to be considered unnecessary, or redundant. Verizon expects mobile video and advertising to be new sources of revenue outside the oversaturated wireless market. Yahoo stockholders approved the previously announced proposed sale to Verizon Communications Inc.
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