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Yahoo shareholders give Verizon sale the green light

2017-06-09 15:26 by
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Yahoo stockholders have approved the terms of the acquisition of the company's Internet business by Verizon for $4.48 billion. The deal is expected to close on June 13.

The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed last year.

Verizon plans to combine Yahoo's more than 25 internet brands — including assets in mail, social media platform Tumblr, news, lifestyle media, and entertainment — with AOL in a division to be named Oath. After the Verizon deal, Yahoo will be renamed Altaba, a holding company whose primary assets will be its stake in Alibaba Group Holding and a 35.5 percent stake in Yahoo Japan.

Verizon is expected to reduce the staff of the combined AOL-Yahoo company by 15% after the merger closes. The new company, Oath, is looking to cut as many as 2,100 jobs from its total 14,000 employees, according to a person familiar with the matter.

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