Verizon Purchases Failing Yahoo and Will Cut Work Force 15%

After over 20 years as an independent company, Yahoo, which has struggled for years, has been purchased by Verizon for $4.48 billion and a 15% workforce reduction is expected, according to CNN.

gettyimages 645846618 Verizon Purchases Failing Yahoo and Will Cut Work Force 15%

Photo: David Ramos/Getty Images

Verizon will combine Yahoo and AOL to form a the new digital media company “Oath” to compete with Facebook and Google for on-line advertising.

The combine venture includes up to 2,100 employees being released and Yahoo being renamed “Altaba Inc.”, which will serve as a holding company for Yahoo’s large stake in Chinese e-commerce company, “Alibaba.”

Yahoo CEO Marissa Mayer wrote in an email to the company, “Given the inherent changes to my role, I’ll be leaving the company”–“However, I want all of you to know that I’m brimming with nostalgia, gratitude and optimism”. Mayer exits with a $23,000,000 severance. ¬†Wonder if her “brimming” is in equal 3rd parts? LOL!

 

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