How Verizon hopes to grab digital ad dollars with Yahoo

How Verizon hopes to grab digital ad dollars with Yahoo

How Verizon hopes to grab digital ad dollars with Yahoo

Verizon is expected to lay off around 2,100 workers after concluding its acquisition of Yahoo. That is less than 20 percent of the combined company, according to sources. Verizon plans to launch a new media division called Oath that will oversee its AOL and Yahoo acquisitions.

Yahoo shareholders on Thursday approved selling the company's Internet properties for $4.48 billion, closing a chapter on one of Silicon Valley's iconic tech companies.

Yahoo shareholders have approved the $4.48 billion sale of the company's main web properties to Verizon Communications, clearing the last major hurdle for a deal announced nearly a year ago. Yahoo anticipates that the Sale Transaction will close on June 13, 2017.

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"There's been so many changes here", said shareholder Jean Stables, who has owned Yahoo stock for two decades, back when it was popular portal to the Internet.

AOL CEO Tim Armstrong will be in charge of Oath.

Beyond vague comments concerning leading the "global brand space", we don't know Verizon's plans for Oath. AOL cut about 500 employees late last year, and Yahoo is down from about 14,000 employees in 2010 to roughly 8,100 as of the end of last year.

What remains of Yahoo after the sale, renamed Altaba Inc., will be the most valuable parts of the current company: stakes in China's Alibaba Group Holding Inc. and Yahoo Japan that are worth more than $40 billion.

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