Verizon Media Group is laying off 7 percent of its workforce

The Verizon division formerly known as Oath is laying off 7 percent of its workforce, which amounts to roughly 800 employees.
Oath was created after Verizon acquired AOL, followed by Yahoo, bringing them together two years ago as a combined digital media entity with a new name. However, it seems that the organization hasn’t performed as well as Verizon executives had hoped, with layoffs, the departure of AOL CEO Tim Armstrong and Verizon’s recent $4.6 billion writedown on the media business — it announced a “voluntary redundancy” program, a.k.a. buyouts, at the same time.
Plus, Verizon decided to retire the Oath brand at the end of last year. (TechCrunch was part of AOL, then Oath, and is now part of Verizon Media Group.)
“Our goal is to create the best experiences for our consumers and the best platforms for our customers,” a Verizon spokesperson said in a statement. “Today marks a strategic step toward better execution of our plans for growth and innovation into the future.”
In an email to employees, Verizon Media Group CEO Guru Gowrappan also positions the cuts as part of a broader strategy, with the company focused on three core areas in the first quarter of this year: growing the “member-centric ecosystem,” increasing usage/spending on its B2B products and increasing video supply and distribution.
“I want to be clear that we will continue to scale, launch new products and innovate,” he wrote. “We are an important part of Verizon and the $7+ billion in revenue we generate through our member-centric ecosystem puts us among the top tech/media companies in the world. Now is the time to go on the offensive, go deep on our big priorities and do everything we can to advance the business.”

Why Oath keeps Tumblring
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