Major Layoffs Loom For AOL and Yahoo, Report Says
NEW YORK (CNET) - Citing anonymous sources, Recode has reported that AOL and Yahoo are about to make over 1,000 layoffs as they get set to merge under a new media division at Verizon. This, the report notes, is still less than 20 percent of the total workforce.
The two companies are set to be merged under a new media division at Verizon called Oath, and layoffs are expected to deal with positions that are doubled up under the new brand. According to The Street, an AOL spokesperson did not comment on layoffs, but did acknowledge changes. "Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy," the spokesperson said.
Yahoo shareholders are set to vote on a proposal to authorise the sale of Yahoo to Verizon at a special meeting on Thursday.
Neither Yahoo nor AOL immediately responded to a request for comment.
