The charge is for “severance, acquisition and integration related expenses,” the company says.
Yesterday the telco kicked off its planned layoff of 2,100 employees. That’s about 15% of the workforce at a new unit — called Oath — that blends AOL and Yahoo assets including HuffPost, Yahoo Sports, AOL.com, Makers, Tumblr, Build Studios, Yahoo Finance, and Yahoo Mail.
Verizon says today that it “expects to realize over $1 billion in cumulative operating expense synergies from the transaction through 2020.”
Investors took the disclosure in stride: Verizon shares are virtually flat today.
Yahoo continues to exist as an investment company, based in New York City. It primarily owns 15% of Chinese e-retailer Alibaba and 36% of Yahoo Japan. On Friday it plans to change its name to Altaba, and change its Nasdaq trading symbol to AABA from YHOO.