Verizon admits defeat with $4.6-billion AOL-Yahoo writedown [Los Angeles Times (CA)]
Verizon Communications Inc. (VZ)
Last verizon communications inc. earnings: 4/24 07:30 am
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Source: Los Angeles Times
Verizon admits defeat with $4.6-billion AOL-Yahoo writedown Verizon Communications Inc. is conceding defeat in its crusade to turn a patchwork of dot-com-era businesses into a thriving online operation. The wireless carrier slashed the value of its AOL and Yahoo acquisitions by $4.6 billion, an acknowledgment that tough competition for digital advertising is leading to shortfalls in revenue and profit. The move will erase almost half the value of the division it had been calling Oath, which houses AOL, Yahoo and other businesses such as the Huffington Post. “The hype of Oath has been over for some time,” Wells Fargo analyst Jennifer Fritzsche said in a note Tuesday. She likened the writedown to “ripping off the Oath band-aid.” The episode offered a silver lining for investors. Rather than attempt a megadeal like AT&T Inc.’s $85-billion acquisition of Time Warner Inc., Verizon spent only about $9.5 billion in the last three years buying fading web giants. Though the bet hasn’t paid off
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News
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- Verizon gives customers more peace of mind with enhanced Home Device Protection serviceGlobeNewswire
- Verizon: Not A Good Fit For Dividend Growth Investors (Rating Downgrade) [Seeking Alpha]Seeking Alpha
VZ
Earnings
- 4/22/24 - Beat
VZ
Sec Filings
- 4/25/24 - Form 10-Q
- 4/22/24 - Form 8-K
- 4/16/24 - Form PX14A6G
- VZ's page on the SEC website