Justin Sullivan/Getty Images Yahoo's shareholders have officially approved the company's sale to Verizon for $4.48 billion. The deal is expected to close Tuesday.

Once the deal closes, Yahoo and AOL will merge into a combined entity called "Oath." AOL has indicated that it is planning more than 2,000 layoffs following the deal's close.

Marissa Mayer will be stepping down as the CEO of Yahoo, though she will still own about $186 million worth of stock when she leaves.

Yahoo's purchase price was lowered by $350 million after the revelation that Yahoo passwords and personal information had been compromised in a massive hacking attack.

Yahoo stock was up by 8.5% at the time of writing.</s>Yahoo's shareholders have officially approved the company's sale to Verizon for $4.48 billion. The deal will close on June 13, 2017.

Once the deal closes, Yahoo and AOL will be merged into a combined entity called "Oath." AOL has indicated that it's planning over 2,000 layoffs following the deal's close.

Marissa Mayer will be stepping down as CEO of Yahoo, though she will still own about $186 million worth of stock when she leaves.

Yahoo's purchase price was lowered by $350 million in the wake of the revelation that Yahoo passwords and personal information had been compromised in a massive hacking attack.

Yahoo stock is up 8.5% at the time of writing.

Get the latest Yahoo stock price here.</s>Yahoo’s shareholders have approved the sale of Yahoo’s operating business to Verizon in a vote held today and confirmed in a press release sent out following the meeting.

The company’s stockholders also voted to approve the advisory vote on the compensation payable to Yahoo’s named executive officers in connection with the completion of the transaction.

The final voting results for each of the proposals will be reported on a Current Report on Form 8-K, in accordance with the rules of the Securities and Exchange Commission, Yahoo said.

It added that it anticipates the transaction will close on June 13, 2017.

In February $350M was knocked off the agreed sale price, bringing it down to $4.48BN, after Yahoo disclosed two massive data breaches (affecting some 500M accounts, and 1 billion accounts, respectively).

Verizon-owned AOL’s CEO, Tim Armstrong, has explained the rationale for the Yahoo acquisition being one of combined scale — aka the 1 billion users that Yahoo still reaches being put towards helping AOL reach its goal of 2 billion users, which is in turn about seeking to compete in the digital ad stakes with giants Facebook and Google.

The combined AOL-Yahoo entity has already been christened Oath, at least for b2b go-to-market purposes, i.e. for Verizon to pitch its various brands to others.

Earlier today we reported that AOL-Yahoo will see job cuts of around 15 per cent globally, as part of the merger — shaking out to around 2,100 job losses across the two businesses.

Following closure of the sale of Yahoo’s operating business to Verizon, and as previously announced, the remainder of Yahoo will change its name to Altaba Inc, and register as an investment company — holding onto its 15 per cent stake in Alibaba and its 35.5 per cent stake in Yahoo Japan.

NB: Verizon is also the parent of AOL, TechCrunch’s parent company.</s>USA wireless company Verizon is expected to cut about 2,000 jobs from AOL and Yahoo units when it completes the $4.48bn (£3.52bn) acquisition of Yahoo’s core business next week.

Yahoo stockholders today approved the terms of the acquisition of the company’s Internet business by Verizon for $4.48 billion. Verizon plans to launch a new media division called Oath that will oversee its AOL and Yahoo acquisitions. During an all-company meeting with AOL and Yahoo in May, he was asked by employees what would happen to them. The CEO has chalked out plans to increase Oath’s combined user base from 1.3 billion consumers to 2 billion and achieve sales in the range of $10 billion to $20 billion by 2020.

“It seems that a lot of thought and effort has gone into this, and counterpoints have been listened and accepted”, said one source in the TechCrunch report.

Together, AOL and Yahoo own a number of prominent brands, including The Huffington Post, TechCrunch, Engadget, Tumblr, Flickr and MovieFone.

Under revised terms of the delayed deal, Verizon’s purchase of Yahoo assets will total $4.48 billion. Yahoo – with its popular mail and messaging service – helped popularize the idea of the internet as a means of keeping in touch with friends, family, and work colleagues.

After that Verizon will perform some streamlining of the two companies combined technology, which could bring layoffs on both sides, he predicted. More than 1.5 billion user accounts were compromised in record-breaking hacks.

The US$4.8bn Verizon chose to pay for Yahoo!’s web assets, after knocking the price down due to security breaches, will become another Altaba asset. This includes “aligning”, the new company’s “global organization”.</s>Shareholders in internet group Yahoo approved the $4.48 billion (€3.99 billion) sale of the company’s main web properties to Verizon Communications, clearing the last major hurdle for a deal announced almost a year ago.

The company said it expects to hand over its web assets to the telecoms giant on June 13th, according to a statement Thursday.

Yahoo chief executive Marissa Mayer agreed to the sale last year after a four-year turnaround effort failed to stem a slide in advertising revenue.

Verizon will seek to use Yahoo’s web audience to push deeper into content and expand beyond its central business of connecting people to the internet, cable channels and their smartphones.

Yahoo will become part of a new Verizon unit called Oath that will include media content and digital services like email.

Late last year, the deal was thrown into question after the Sunnyvale, California-based web portal revealed widespread cyberattacks during Mayer’s tenure that exposed hundreds of millions of users’ online information.

In February, Yahoo and New York-based Verizon agreed to drop the purchase price by $350 million (€312 million).

What remains of Yahoo after the sale, will be renamed Altaba. This includes stakes in China’s Alibaba Group Holding and Yahoo Japan that are worth more than $40 billion (€35.6 billion).</s>It's at a sec might Yahoo!'s multi billion dollar merger with Verizon shareholders have approved a nearly five billion dollar deal. Yahoo! and AOL will form a new company under Verizon called well. Yahoo! is the second most popular email service behind Google's Gmail if you have one of these accounts it's expected the company will keep the Yahoo.com. Address. Jeff faces as Amazon has dropped its unlimited cloud storage plan now instead of paying sixty dollars a year for unlimited data users only have two option anyone already signed up for unlimited storage will keep the offer until it expires at a major surprise for fans of Taylor Swift her entire music catalog is now streaming. On all platform yeah after feuding with Spotify apple and others. Over payments to artists swift is back streaming to celebrate her album 1989. Getting ten million in sales worldwide. Does your tech bytes.</s>Yahoo Inc (YHOO.O) shareholders on Thursday approved the company's pending sale of its core internet business to Verizon Communications Inc (VZ.N) for $4.48 billion, according to preliminary results from a shareholder meeting.Yahoo expects that the deal will close on June 13, 2017.

The company also said it extended a tender offer to buy back up to $3 billion shares to June 16 from June 13.

The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed last year.

After the Verizon deal, Yahoo will be renamed Altaba, a holding company whose primary assets will be its stake in Alibaba Group Holding Ltd (BABA.N) and a 35.5 percent stake in Yahoo Japan Corp (4689.T). (Reporting by Anya George Tharakan in Bengaluru; Editing by Shounak Dasgupta)

This story has not been edited by Firstpost staff and is generated by auto-feed.</s>Verizon Communications will complete its $4.48 billion acquisition of Yahoo core assets next week, and is expected to cut 15% of the staff at its two units. Photo: AP

Verizon Communications Inc is expected to cut about 2,000 jobs when it completes its $4.48 billion acquisition of Yahoo Inc’s core assets next week, a person briefed on the matter said.

The cuts are expected to come from Verizon’s AOL and Yahoo units and represent about 15% of the staff at the two units. About 14,000 people work at AOL and Yahoo.

Many of the jobs are in California and some are outside the US, according to the person, who asked not to be identified because the matter is not yet public.

Yahoo shareholders on Thursday approved the company’s sale, according to preliminary results from a shareholder meeting, and it is expected to be completed on Tuesday.

The No.1 US wireless operator is combining Yahoo’s search, email and messenger assets as well as advertising technology tools with its AOL unit, which it bought in 2015 for $4.4 billion. Verizon expects mobile video and advertising to be new sources of revenue outside the oversaturated wireless market.

Verizon shares are down 15% this year.

The acquisition marks the end of the line for Yahoo as a standalone company, a storied web pioneer once valued at more than $100 billion.

Verizon is rebranding AOL and Yahoo as part of a new venture called Oath, led by AOL chief executive officer Tim Armstrong.

Verizon is betting it can use data from more than 200 million unique monthly visitors to Yahoo sites and combine it with data on 150 million unique monthly AOL users and its own user base of over 100 million wireless subscribers to offer more targeted services for advertisers.

The Yahoo deal came after activist investors led by Starboard Value LP lost faith in Yahoo chief executive officer Marissa Mayer, who was hired in 2012, and forced the sale of the company’s core assets. Mayer is not expected to remain at Yahoo after the sale is completed.

Yahoo is still one of the largest properties on the internet, with hundreds of millions of customers using its email, finance and sports offerings, and a heavily trafficked home page. In February 2016, Yahoo announced it was cutting 1,600 employees, or 15% of its staff.

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

Yahoo disclosed in December that data from more than 1 billion user accounts was compromised in August 2013, making it the largest breach in history. This followed a separate disclosure that at least 500 million accounts were affected in a 2014 breach. Reuters</s>About 2,100 people will lose their jobs at Yahoo and AOL after Verizon Communications Inc. completes its acquisition of Yahoo and combines the two onetime internet rivals, a person familiar with the matter said.

The coming layoffs, which affect roughly 15% of the roughly 14,000 people in the combined workforce, will occur evenly across AOL and Yahoo to reduce duplication and streamline the organization, the person said. Employees in product and engineering roles will be the least affected, the person said.

Yahoo shareholders approved the $4.5 billion transaction Thursday and it is expected to close on June 13.

Chief Executive Marissa Mayer, who has led Yahoo for the past five years, is widely expected to leave the company after the deal closes but hasn't confirmed her plans. She made no remarks and took no questions during a special meeting held in Santa Clara, Calif., Thursday, a Yahoo spokeswoman said.

Shareholders also approved compensation packages for Ms. Mayer and other executives tied to the deal. Ms. Mayer could reap more than $220 million in connection to the sale, up from the $187 million estimated in April due a rise in Yahoo's share price. Yahoo shares gained 10% to $55.71 on Thursday, following a 13% surge in shares of Alibaba Group Holding Ltd. in which Yahoo still owns a stake.

The Yahoo purchase and the pending layoffs will help bring closure to a drawn-out deal process that has damped morale at the internet pioneer, which commanded a market value of more than $125 billion at the height of the dot-com boom in early 2000.

Verizon initially agreed in July 2016 to buy Yahoo's core business for $4.83 billion. Then Yahoo disclosed two large security breaches, one in 2014 that hit more than 500 million accounts and another in 2013 that affected more than one billion accounts. The security incidents forced Yahoo back to the negotiating table, and the two sides agreed to lop off $350 million from the price.

AOL CEO Tim Armstrong will lead the combined company under Verizon's new businesses unit, which is overseen by Verizon's Marni Walden. The digital media operation will be known as Oath, but the Yahoo and AOL brands won't go away.

"Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy," AOL wrote in a statement. "Oath's strategy is to lead the global brand space. With access to over one billion consumers upon close, we will be positioned to drive one of the most important platforms in the consumer brand space."

The transaction brings Yahoo's core internet business and millions of users from Yahoo sites like Finance, Sports and News into Verizon's expanding portfolio of online content. Verizon's current assets include Huffington Post and TechCrunch, which it acquired in its AOL deal.

Late last year, New York-based AOL laid off several hundred workers to prepare for the merger. Yahoo, which is based in Sunnyvale, Calif., had 8,500 employees as of Dec. 31.

Mr. Armstrong chose his leadership team several weeks ago, and that group has helped determine where the layoffs will occur, the person said. News of the layoffs was earlier reported by technology news site Recode.

Write to Ryan Knutson at ryan.knutson@wsj.com and Deepa Seetharaman at Deepa.Seetharaman@wsj.com</s>Yahoo shareholders voted Thursday to back the sale of the company's internet business to Verizon, clearing the way for the deal to close June 13.

The California internet pioneer said approval came at a vote held at a special meeting of stock owners.

Verizon's internet division AOL and Yahoo will be combined into a unit called Oath.

Tech news website Recode reported this week that as many as 1,000 jobs could be shed as redundant positions get eliminated at combined AOL and Yahoo operations.

A price cut early this year kept Verizon on track to consummate the purchase of Yahoo's internet business, and share the costs from a pair of epic hacks that threatened to derail the deal.

Yahoo slashed the price of its core internet business by $350 million.

Under revised terms of the delayed deal, Verizon's purchase of Yahoo assets will total $4.48 billion.

Yahoo announced in September that hackers in 2014 stole personal data from more than 500 million of its user accounts. And in December it admitted to another cyber attack from 2013 affecting more than a billion users.

The US Justice Department charged two Russian intelligence operatives and a pair of hackers over one of the largest cyber attacks in history, which had apparent twin goals of espionage and financial gain.

The deal with Verizon will end Yahoo's run of more than 20 years as an independent company.

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.
Yahoo! shareholders officially approve its $4.48 billion sale to Verizon Wireless. Yahoo! stock was up 8.5 percent shortly thereafter.