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Yahoo! President and CEO Marissa Mayer delivers a keynote during the Yahoo Mobile Developers Conference on February 18, 2016 at The Masonic in San Francisco, California.
Verizon is set to cut thousands of jobs from Yahoo and AOL as the companies integrate, multiple media outlets reported on Thursday.
Brands in the new combined media entity, to be named Oath, could lose 2,000 staffers or more, sources told Reuters and The Wall Street Journal.
Recode previously reported that up to 1,000 jobs could be cut. The companies declined to comment on the reports at that time.
“Oath’s strategy is to lead the global brand space. 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. 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.
Yahoo shareholders signed off on Verizon’s proposal to buy Yahoo’s core internet business on Thursday.
Verizon announced an agreement to acquire Yahoo in July of last year, after a long bidding process. Now that it’s approved, Yahoo expects to close the deal on Tuesday, a move that will bulk up Verizon’s advertising efforts.
The shareholder vote — part of an annual meeting — wraps up an arduous sale process that was stymied by the revelations of two massive data breaches. The parts of Yahoo that were not bought by Verizon will become a company named
— CNBC’s Deirdre Bosa contributed to this report.
