Yahoo shareholders approve sale of core business to Verizon

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Yahoo! owns a 15% stake in Alibaba, and today, Yahoo! during a special meeting the sale of the company's "operating business", its advertising operations, to Verizon Communications ().

Verizon agreed to cut the deal price by $350 million in February following Yahoo's disclosures of two massive security breaches affecting more than one billion users. Marissa Mayer, Yahoo's outgoing CEO, stands to make $186 million from the sale.

Verizon will have to pay a price for laying off Yahoo employees.

Yahoo! agreed to sell its business to Verizon past year for $4.5 billion. In addition, Yahoo stockholders voted to approve the advisory vote on the compensation payable to the Company's named executive officers in connection with the completion of the Sale Transaction. TechCrunch reports that 14,000 employees now work at AOL and Yahoo.

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"Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy", said an AOL spokesperson in an email to TheWrap. The combined monstrosity will be called "Oath," presumably because Verizon has realized that neither AOL nor Yahoo are particularly well-regarded brands these days. "Oath's strategy is to lead the global brand space".

Mr. Armstrong chose his leadership team several weeks ago, and that group has helped determine where the layoffs will occur, the person said.

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

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