Verizon to cut 2,000 jobs at Yahoo, AOL: report
Telecom giant Verizon will reportedly announce plans next week to cut as many as 2,100 jobs at their AOL and Yahoo subsidiaries.
The cuts will come after Verizon, which owns AOL, completes a merger with Yahoo.
BREAKING: Verizon will announce plans to cut about 2,000 jobs at Yahoo, AOL next week – source pic.twitter.com/3oCS1Tv6T1
— Reuters Business (@ReutersBiz) June 8, 2017
Search engine and news service Yahoo agreed to merge with Verizon in February.
Verizon dropped its initial valuation of the company by $350 million after Yahoo suffered massive data breaches. More than 1.5 billion user accounts were compromised in record-breaking hacks.
The breaches also garnered lawmakers’ attention, with Yahoo execs appearing before Congress. At the time, senators hammered Yahoo for being “unable to provide answers to many basic questions about the reported breaches.”
According to TechCrunch, Verizon will downsize staff at AOL and Yahoo by about 15 percent once the merger is finalized. TechCrunch reports that 14,000 employees currently work at AOL and Yahoo.
One employee already on her way out is Yahoo CEO Marissa Meyer, who was criticized for her handling of the data breaches. Meyer has said she will step down when the deal is finalized.