While losing 15 percent of their workforce does not bode well for the company's employees, Yahoo has seen its stock prices rise to a 17-year high.
NEW YORK (AP) Yahoo's shareholders on Thursday approved the $4.5 billion sale of its key businesses to Verizon. During this process, as many as 2,000 jobs may be lost.
The news comes as Yahoo shareholders vote on merger approval on Thursday. Yahoo CEO Marissa Mayer will not be part of the leadership team, according to an internal memo obtained by CNN Tech in April. The deal is expected to close by June 13.
"Oath's strategy is to lead the global brand space".
"Oath's strategy is to lead the global brand space", an AOL spokesperson told TechCrunch. Tim Armstrong, the former AOL CEO who tried unsuccessfully to merge AOL and Yahoo when they were both independent, will now be CEO of Oath. In February, the two companies agreed to lower the price by $350 million after Yahoo suffered several data breaches - including the largest in history - which compromised more than 1 billion user accounts in 2013.
Yahoo is selling its main operating business as a way to separate that from its more valuable stake in Chinese internet giant Alibaba, which will become a new entity, to be renamed Altaba, Inc., and will act as an investment company.