Yahoo, AOL Staff Reportedly Set To Get 2100 Pieces Of Bad News

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

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

Verizon's internet division AOL and Yahoo will be combined into a unit called Oath. Verizon will seek to use Yahoo's web audience to push deeper into news and original video, expanding beyond its central business of connecting people to the internet, cable channels and their smartphones.

Telecom giant Verizon will reportedly announce plans next week to cut as many as 2,100 jobs at their AOL and Yahoo subsidiaries.

Plans to combine both companies have been in the works for a while, as the pair attempt to make a cohesive unit out of two entities that have multiple assets and also multiple problems.

Neither Yahoo nor AOL immediately responded to a request for comment.

Verizon dropped its initial valuation of the company by $350 million after Yahoo suffered massive data breaches.

GOP health bill a far cry from Trump promises
During the same two months, approval of Obamacare among Republicans and Democrats remained mostly divided along party lines. Iowa, for example, is down to one insurer for most of the state ― and that insurer has warned it may have to pull out.

The layoffs are expected to be announced soon after the deal closes, according to the source.

Mr. Armstrong chose his leadership team several weeks ago, and that group has helped determine where the layoffs will occur, the person said.

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

Citing sources, TechCrunch reports that as many as 2,100 jobs will be lost of the two companies' combined 14,000 employees. "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".

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