9 months ago
Verizon has a new coverage plan—one that’s not likely appealing to workers at AOL and Yahoo.
As the Wall Street Journal reports, Verizon will lay off approximately 2,100 employees at AOL and Yahoo following the corporate merger, which is set to close on June 13. That comes out to roughly 15 percent of the combined staffs.
This comes on the heels of Yahoo shareholders’ approval of a $4.5 billion sale to Verizon this past Thursday.
Recently dubbed the “least likable” CEO in the tech industry, Marissa Mayer will likely step down. Either way, she stands to make at least $220 million on the sale.
Verizon has been dropping hints about its future plans for the two aging brands for months. Back in April, Verizon announced that it would be grouping the AOL and Yahoo brands under the “Oath” umbrella division, and shortly thereafter, it was announced that Yahoo would no longer be publicly traded.
As the Journal notes, AOL weathered several hundred layoffs late last year in preparation for the merger.