Verizon finalizes Yahoo acquisition, instantly starts laying people off

[Guest Chris Mills]

In a vote today, Yahoo's stockholders formally approved the sale of sad former internet company Yahoo to telecoms giant Verizon. The sale values Yahoo at about $4.5 billion, a price that was reduced by hundreds of millions in February, after details of a major Yahoo security breach leaked.

 

As the vote took place today, details also leaked out about staff reductions that Verizon is imposing on its new acquisition. Around 2,100 positions are reportedly being cut across Yahoo and AOL, the current Verizon subsidiary that Yahoo is being merged with.

 

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