Tali Arbel, The Associated Press</span>
Published Thursday, June 8, 2017 1:35PM EDT
NEW YORK -- Yahoo's shareholders on Thursday approved the $4.5 billion sale of its key businesses to Verizon. The deal is expected to close by June 13.
The combined company will cut 15 per cent of its 14,000-person workforce, or about 2,100 jobs, said a person familiar with the matter who didn't want to be identified.
Verizon hopes the deal will help it challenge Google and Facebook in the huge and lucrative field of digital advertising.
But it will be competing against a slew of other companies also looking to break in.
The phone company 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.
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