Recode initially reported Wednesday that the combined company could cut up to 1,000 jobs. TechCrunchreported on Thursday that according to its sources, the two could terminate 2,100 employees, or about 15% of their combined global staff.
Shareholders of Yahoo! vote on the transaction Thursday at a special meeting in Santa Clara, Calif.
Shares of Verizon were down 0.5% to $46.27 on Thursday morning, while Yahoo! shares were jumping 7.4% to $54.29, as Alibaba (BABA) - Get Report , in which Yahoo! still holds a significant equity stake, soared on sharply higher guidance.
Verizon and AOL did not comment specifically on potential layoffs on Wednesday, but acknowledged that changes will come.
"With access to over 1 [billion] consumers upon close, we will be positioned to drive one of the most important platforms in the consumer brand space," an AOL spokesperson said. "Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy."
The sale has already been arduous for Yahoo!. The company tested the market after agitation from activist shareholder Starboard value LP in early 2016.
After agreeing to a $4.8 billion sale in July 2016, Yahoo! disclosed a pair of massive subscriber hacks. The parties agreed to a $350 million price cut in February, though Verizon initially asked for nearly a $1 billion discount.
Verizon will rename its digital media unit Oath. The portfolio will include Yahoo! and its properties, AOL, Huffington Post and other brands.
AOL CEO Tim Armstrong aims to grow Oath's combined user base from 1.3 billion consumers to 2 billion by 2020. Armstrong also targets $10 billion to $20 billion in sales by 2020.
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