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Verizon Expected To Cut Up To 1,000 Yahoo, AOL Jobs After Acquisition (recode.net)
Verizon's acquisition and merger of AOL and Yahoo will result in many job cuts. According to Recode, up to 1,000 AOL and Yahoo jobs are expected to take place across the two companies as the merger is completed. From the report: This action is not unexpected, given that both companies have a lot of redundancies, including in human resources, finance, marketing and general administration. The merger between the two companies -- after Verizon bought both in succession to add tech and content to its mobile services -- is expected to be completed in the next week. The shareholder meeting to approve the deal takes place tomorrow. Plans to combine both companies have been in the works for a while, as the pair attempt to make a cohesive unit out of two entities that have multiple assets and also multiple problems. It will be headed by AOL CEO Tim Armstrong, who will become the CEO of Oath, the new name for the Verizon subsidiary.
I've had friends in similar situations and one of the reasons they stayed to the end is they got paid a significant bonus to do so. During these mergers, the companies are always afraid that they'll lose the best and brightest needed to keep the lights on. The companies often go to those people and make them an offer of some level of compensation in order to get them to ride it out to the end.
One guy, I used to work with got six months pay over and above the standard severance package for staying until the company was liquidated. Between that bonus, his severance package, cashed out leave, and the salary he earned during that last year he made a sizable amount of money by being one of the last people out the door. He then conducted a leisurely six-month job search, mostly from a beach, while he collected unemployment.