Verizon-Yahoo deal, a grab for digital-ad cash, approved

AOL CEO Tim Armstrong    
   John Lamparski  Getty Images for Advertising Week New York

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.

Under revised terms of the delayed deal, Verizon's purchase of Yahoo assets will total $4.48 billion. During this time, there were rumors that the deal would fall through, but eventually, things worked out. That means the remainder company, to be renamed Altaba, will become an investment vehicle reflecting the Alibaba investment when the Verizon deal closes on June 13th. ("Verizon") of the Company's operating business (the "Sale Transaction"). At the time, Armstrong reportedly said the company was cutting corporate jobs and wanted to focus more on its mobile, video and data groups.

While losing 15 percent of their workforce does not bode well for the company's employees, Yahoo has seen its stock prices rise to a 17-year high.




Shares of Yahoo rose more than 10 percent on Thursday amid the news, closing at $55.71. This includes "aligning", the new company's "global organization". Yahoo CEO Marissa Mayer will not be part of the leadership team, according to an internal memo obtained by CNN Tech in April.

Beyond vague comments concerning leading the "global brand space", we don't know Verizon's plans for Oath. About 14,000 people work at AOL and Yahoo. During the 1990s, AOL was nearly synonymous with internet access for millions of Americans. At the time, senators hammered Yahoo for being "unable to provide answers to many basic questions about the reported breaches". The former search engine giant will now merge with AOL to form the future Verizon division Oath.

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