Verizon is Basically Writing Off Oath [Fortune]
Meta Platforms, Inc. - Class A (FB)
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Source: Fortune
Verizon Communications Inc. said Tuesday that it will write off a majority of its poor performing Oath media business, which includes Yahoo and AOL. The telecom giant said it will take a $4.6 billion write-down (a $4.5 billion hit after taxes) in the fourth quarter. According to an SEC filing, Oath said it has “experienced increased competitive and market pressures” throughout the year resulting in lower than expected revenues and earnings. “These pressures are expected to continue and have resulted in a loss of market positioning to our competitors in the digital advertising business,” Verizon’s SEC filing said. Expectations were high when Verizon acquired Yahoo for $4.5 billion in 2017 and AOL for $4.4 billion in 2015, to merge under a broader media company, Oath. Verizon’s goal was to challenge content rivals Facebook , Google and Amazon for ad dollars. But it has been unsuccessful. Verizon will now focus more on its wireless operations as Oath is c
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