SoftBank will take control of embattled work space company WeWork, according to people familiar with the matter.
The deal will value WeWork between $7.5 billion to $8 billion on a pre-funding basis and could be announced as soon as Tuesday.
After the move, Softbank would then have as much as 70% or more control of WeWork.
WeWork staff told the Guardian that they believe the cuts will not stop there, suggesting more of the company's 15,000 person workforce could be sacked.
The anticipated SoftBank takeover marks the latest chapter in a dramatic year for what was at one point anticipated to be one of Wall Street's hottest initial public offerings.