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Tech Industry

Yahoo shareholders give Verizon sale the green light

The sale's expected to go through on June 13.

oath-verizon-yahoo-aol

Verizon

There's now one less roadblock in the way of Yahoo's business joining the Verizon fold.

Stockholders approved Yahoo's sale to Verizon in a special shareholder's meeting Thursday. The plan is for Yahoo and AOL to merge together under a new media division within Verizon called Oath

It's reported that the merger will result in 1,000 layoffs as part of the process of pruning down overlapping jobs, a figure said to be less than 20 percent of the total workforce.

Yahoo said in a statement it expects the sale to go through on June 13, less than a week from today. After Verizon absorbs Yahoo's operating business, the company will change its name to Altaba Inc. and become an investment company.