Yahoo is becoming part of a new Verizon unit called Oath that will include media content and digital services like email.
Verizon just moved one step closer to owning Yahoo - and laying off thousands of employees.
Yahoo's shareholders have voted to approve the sale of the company's assets to Verizon which could result in the loss of thousands of jobs.
The California internet pioneer said approval came at a vote held at a special meeting of stock owners. It will be headed by AOL CEO Tim Armstrong, who will become the CEO of Oath, the new name for the Verizon subsidiary. "Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy", the spokesperson said.
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Yahoo CEO Marissa Mayer agreed to the sale last year after a four-year turnaround effort failed to stem a slide in advertising revenue.
"Oath's strategy is to lead the global brand space".
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The proportion of jobs being made redundant across AOL and Yahoo is around 15 per cent globally, we have confirmed with our sources.
After June 13, the remainders of Yahoo will constitute a new investment company that will rename itself Altaba.