Verizon Communications Inc.'s acquisition of Yahoo! Inc. assets could result in up to 1,000 job cuts at Yahoo and AOL Inc., Recode reported June 7, citing sources.
The deal is expected to close in the next few days. The job cuts will reportedly affect departments such as human resources, finance, marketing and general administration.
Yahoo has scheduled a special meeting of the stockholders today to seek stockholder approval for the proposed sale of its operating assets to Verizon.
Yahoo CEO Marissa Mayer and CFO Kenneth Goldman will step down following the closing of the sale. The company's board has named a new management team that will lead the surviving company Altaba Inc. after the merger.