|Yahoo shareholders on Thursday gave final approval to the $4.48 billion sale of the company’s main Web properties to Verizon Communications. The decision cleared the final obstacle to the nearly year-old deal, and Yahoo said it planned to hand over the Web properties to Verizon on Tuesday. The price was originally supposed to be $4.8 billion, but Verizon insisted on a discount, arguing that massive privacy breaches reduced the value of the Yahoo assets. Yahoo CEO Marissa Mayer tried for four years to turn around the company after a relentless declines in advertising revenue, but agreed to sell the internet pioneer’s core websites last year after her efforts fell short. Verizon’s first move after taking over is expected to be cutting 15 percent of the 14,000 jobs, or about 2,100 positions, at Yahoo and AOL as it combines their operations.
Source: TechCrunch, The Associated Press