Yahoo stockholders approved the previously announced proposed sale to Verizon Communications Inc.of the company's operating business, with the transaction to close this month.
In addition, Yahoo stockholders voted to approve the advisory vote on the compensation payable to the Company's named executive officers in connection with the completion of the Sale Transaction.
Yahoo anticipates that the transaction will close on June 13, 2017. Following the closing, Yahoo will change its name to "Altaba Inc." and register as an investment company.
The combination of Verizon's AOL and Yahoo will cut 15 percent of its 14,000-person workforce, or about 2,100 jobs, according to unconfirmed reports.
Verizon's goal in buying Yahoo is to challenge Google and Facebook in the lucrative field of digital advertising. But Verizon faces its own challenge in doing so, given that it will be competing against a slew of other companies also looking to break in.
Verizon wants to become a strong third choice for advertisers by adding Yahoo's popular sites and billion users worldwide to its own media business, which includes AOL and Verizon's home-grown go90 video service. It can place ads on those sites, and can also combine data from visitors to those sites with AOL's ad technologies and sales teams, and possibly also personal data from Verizon mobile customers such as location and other information, in order to better target ads at individuals.
The combined business, to be called Oath, will expand its news, sports, entertainment, finance and lifestyle coverage. Like everyone else, Oath will focus on video and mobile, where consumers increasingly spend their time online.