Yahoo shareholders approve sale of core business to Verizon

Verizon

Verizon

Verizon dropped its initial valuation of the company by $350 million after Yahoo suffered massive data breaches. Mayer's golden parachute, worth about $30 million, includes a $3.02 million severance and $25,081 in benefits.

Yahoo shareholders voted Thursday to approve a revised agreement for Verizon to buy Yahoo's core Internet assets for $4.48 billion, according to preliminary results from a special shareholder meeting.

In July past year, Verizon agreed to acquire Yahoo's core internet business. The deal is expected to close by Tuesday. ("Verizon") of the Company's operating business (the "Sale Transaction").

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The transaction was "very much in jeopardy" primarily because of how long it took Yahoo's management to publicly reveal the hack they'd known about soon after it occurred, said Creative Strategies principal analyst Tim Bajarin.

Once the acquisition is complete, Yahoo and AOL will form a new digital company under Verizon called Oath.

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The division will also incorporate businesses Verizon added when it bought AOL, another faded internet pioneer, for $4.4 billion in 2015. They still go back.

Late a year ago, AOL announced 500 jobs cuts and said they were unrelated to the impending Yahoo merger.

News of the layoffs were first reported by technology website TechCrunch.

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Yahoo was once one of the biggest companies in online search in the early 2000s and even had the opportunity to purchase young versions of both Facebook and Google for a fraction of their value today.

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