Yahoo Inc shareholders on Thursday approved the company's pending sale of its core internet business to Verizon Communications Inc for $4.48 billion, according to preliminary results from a shareholder meeting.
Yahoo expects that the deal will close on 13 June, 2017. The company also said it extended a tender offer to buy back up to $3 billion shares to 16 June from 13 June.
The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed last year.
After the Verizon deal, Yahoo will be renamed Altaba, a holding company whose primary assets will be its stake in Alibaba Group Holding Ltd and a 35.5 percent stake in Yahoo Japan Corp. Verizon Communications Inc is expected to cut about 2,000 jobs when it completes its $4.48 billion acquisition of Yahoo Inc's core assets next week, a person briefed on the matter said.
The No. 1 U.S. wireless operator is combining Yahoo's search, email and messenger assets as well as advertising technology tools with its AOL unit, which it bought in 2015 for $4.4 billion. Verizon expects mobile video and advertising to be new sources of revenue outside the oversaturated wireless market.
Verizon shares are down 15 percent this year. The acquisition marks the end of the line for Yahoo as a standalone company, a storied Web pioneer once valued at more than $100 billion. Verizon is rebranding AOL and Yahoo as part of a new venture called Oath, led by AOL Chief Executive Officer Tim Armstrong.
Verizon is betting it can use data from more than 200 million unique monthly visitors to Yahoo sites and combine it with data on 150 million unique monthly AOL users and its own user base of over 100 million wireless subscribers to offer more targeted services for advertisers.