How Verizon hopes to grab digital ad dollars with Yahoo

Verizon

Verizon is expected to lay off around 2,100 workers after concluding its acquisition of Yahoo.

Verizon is expected to downsize staff at their AOL and Yahoo units by around 15 percent once the merger is finalized. To be fair though, that is not the price the company initially agreed upon though as Verizon knocked off a few hundred millions after Yahoo was involved in a major scandal that saw several hundred million accounts go missing.

Yahoo's shareholders on Thursday officially approved the $4.5 billion sale of the company's core Internet business to Verizon. The two companies have a combined total of about 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".




Shares of Yahoo rose more than 10 percent on Thursday amid the news, closing at $55.71. Marissa Mayer, Yahoo's outgoing CEO, stands to make $186 million from the sale.

"Oath's strategy is to lead the global brand space", an AOL spokesperson told CNN Tech. 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. The company has tried to reinvent itself over the years but had trouble competing with Google on search and struggled amid the rise of mobile advertising leaders like Facebook.

USA household wealth rises - Buoyed by higher stock prices, Americans' household net worth rose 1.4 percent to $94.8 trillion in the first three months of this year, a trend that could support future spending.

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