Verizon takes $6.7-billion in charges on Oath media assets, voluntary buyouts [Toronto Globe and Mail (Ontario, Canada)]
Verizon Communications Inc. (VZ)
Last verizon communications inc. earnings: 4/24 07:30 am
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Source: Toronto Globe and Mail
Verizon Communications Inc said on Tuesday it will take a $4.6 billion charge related to its Oath media assets – which includes digital media sites Yahoo and AOL – and a severance charge of up to $2.1 billion for voluntary buyouts in the fourth quarter. The largest U.S. wireless carrier by subscribers said in a regulatory filing that it saw fewer benefits than it expected from the combination of businesses that make up Oath. Verizon bought Yahoo for $4.48 billion in 2017 and AOL for $4.4 billion in 2015. In the third quarter, Oath’s revenue fell 7 per cent to $1.8 billion, putting it far off from its goal of $10 billion in revenue by 2020, which Verizon said it did not expect Oath to achieve. Story continues below advertisement Oath has struggled to improve its digital advertising business, competing with the likes of Facebook Inc and Alphabet Inc’s Google for ad dollars. Verizon said in September that Tim Armstrong, Oath chief executive
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