Verizon communication will make a 4.6 billion dollar charge related to the media oath assets which includes yahoo and AOL. The largest US wireless carrier got some benefits by the investments. The company bought yahoo in 2015 in 4.48 billion dollar AOL for 4.4 billion dollar. In the third quarter 7% revenue fell to 1.8 billion dollars which they expected to be 10 billion dollars in 2020.
Oath had many problems with their digital advertising business when compared to the Facebook and google. Due to the losses the chief executive officer and the head of the group changed by guru gowrappan.
Tim Armstrong departure came when a reporter from the Wall Street said that Verizon’s did not improve Oaths advertising.
The company said that it is going to release 10,400 employees by half of the next year. They will give salary and bonus to employees for 60 weeks based on the service.
Source : reuters, investing
