. | . |
Verizon-owned AOL trims jobs ahead of Yahoo buy by Staff Writers San Francisco (AFP) Nov 17, 2016 Verizon-owned internet firm AOL said Thursday it is trimming jobs as part of a restructuring plan making priorities of mobile, video and data. AOL did not disclose the number of layoffs planned, but a source close to the matter estimated 500 positions would be involved, man of them administrative functions such as finance, marketing and human resources. The move comes as Verizon warily moves forward with a deal to buy the core operation of internet pioneer Yahoo with the intent of using the US telecommunication network as a platform for online properties and services. About 1,500 people have been added to AOL as a result of deals done by the company during the past year, chief executive Tim Armstrong said in an internal memo regarding the restructuring. "As we have settled into those changes, there are a number of areas that require consolidation to improve operations and limit the amount of hand-offs in our business processes," Armstrong said. "This will impact a small percentage of the global workforce." AOL operates a number of online properties including the Huffington Post and TechCrunch news sites, and is known for its ad-tech services for web clients. The source close to the matter told AFP that the cuts were not directly related to the pending acquisition of Yahoo by Verizon in a deal valued at $4.8 billion. Verizon said when the deal was inked earlier this year that it planned to combine Yahoo and AOL with an aim of each building on the strengths of the other. The acquisition was expected to close next year, but the recent revelation that Yahoo was hit by a massive hack before the deal was made has fueled speculation that Verizon may try to cut the purchase price or even cancel the contract. As Verizon executives were moving ahead pending the outcome of an investigation into the hack, and have warned that what they learn could change how the matter proceeds. "We are not going to jump off a cliff blindly, but strategically the deal still does make sense to us," Verizon executive vice president Marni Walden said at a technology conference in California. gc/rl .
Related Links Satellite-based Internet technologies
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |