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Yahoo shareholders give Verizon sale the green light

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


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.