Shareholders approve $4.5B Yahoo sale to Verizon

Dianna Christensen
June 9, 2017

The approval took place on Thursday, with the former Internet giant's shareholders authorizing the sale of its core Internet business to Verizon.

The final vote comes almost a year after the original acquisition was announced and follows plenty of speculation about whether the deal would actually go through.

In addition, Yahoo stockholders voted to approve the advisory vote on the compensation payable to the company's named executive officers in connection with the completion of the sale transaction. This prompted the company to reduce its sale price by $350 million reducing the final cost to $4.48 billion.

Yahoo will become an investment company called Altaba.

The deal's closing was delayed as the companies assessed the fallout from two Yahoo data breaches.

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Oath is expected to be Verizon's new company overseeing Yahoo and AOL, including more than 20 brands.

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Verizon Communications buying Yahoo in hopes of challenging Google and Facebook in the digital advertising market by combining ad technologies and user profiles from Yahoo and the AOL business it already owns. "Yahoo is still one of the most-trafficked sites around the world". Verizon plans to cut about 2,100 jobs after completing its $4.48 billion acquisition.

A person with knowledge of the Verizon merger told TheWrap that layoffs are indeed coming to the two companies, but declined to specify the exact amount. Yahoo CEO Marissa Mayer will not be part of the leadership team, according to an internal memo obtained by CNN Tech in April.

Other reports by GlobalViralNews

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