The dismissal accounts for less than 20% of the combined companies' total employees. Verizon Communications pre-estimates to have 1.3 billion users and $7 billion in sales from the combined AOL and Yahoo. The new company will be rebranded as Oath and will be led by AOL Chief Executive Officer Tim Armstrong, according to Reuters.
Beyond vague comments concerning leading the "global brand space", we don't know Verizon's plans for Oath. 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.
Once the acquisition is complete, Yahoo and AOL will form a new digital company under Verizon called Oath. Around 14,000 employees now work at the two units, according to Reuters. This reported lay-off is nothing unnatural, given that both companies have a lot of redundancies, including human resources, finance, marketing and general administration.
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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.
The firm had announced in February it was for sale and accepted a US$4.83 million bid from Verizon about five months later.
But with Yahoo continuing to report a billion monthly users even after revelations of the data breaches, the damage from the hacks and Yahoo's response to them fell mostly on shareholders and management rather than on the firm itself, Bajarin said.