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It's official: Yahoo shareholders approve the $4.48 billion sale to Verizon

Matt WeinbergerAug 26, 2024, 06:29 IST

Justin Sullivan/Getty ImagesYahoo's shareholders have officially approved the company's sale to Verizon for $4.48 billion. The deal will close on June 13, 2017.

Once the deal closes, Yahoo and AOL will be merged into a combined entity called "Oath." AOL has indicated that it's planning over 2,000 layoffs following the deal's close.

Marissa Mayer will be stepping down as CEO of Yahoo, though she will still own about $186 million worth of stock when she leaves.

Yahoo's purchase price was lowered by $350 million in the wake of the revelation that Yahoo passwords and personal information had been compromised in a massive hacking attack.

Yahoo stock is up 8.5% at the time of writing.

Get the latest Yahoo stock price here.

NOW WATCH: Yahoo just confirmed that hackers stole personal information from over 500 million users - here's what they said

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