Verizon media unit cuts staff - Mobile World Live

Verizon media unit cuts staff

24 JAN 2019

Verizon will cut nearly 800 employees from its media business, as part of a realignment meant to revive the ailing unit, The Wall Street Journal reported.

The layoffs represent 7 per cent of Verizon Media’s workforce and come as the business focuses more closely on creating mobile and video content for its Yahoo-branded news and entertainment platforms. The strategy shift includes the consolidation of some teams working on different Yahoo brands, including Yahoo Mail and Yahoo Home.

Guru Gowrappan, head of Verizon Media, is also reportedly scrapping attempts to sell some of its other brands and services in favour of closing them outright, on the grounds that the sale process is too costly and time consuming.

An operator representative told news outlets the changes represent “a strategic step toward better execution of our plans for growth and innovation into the future”.

In December 2018 Verizon revealed it would take a $4.6 billion hit after drastically cutting the media unit’s value. Shortly after the operator announced a new identity for the business, dropping Oath and rebranding as Verizon Media.

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Diana Goovaerts

Diana is Mobile World Live's US Editor, reporting on infrastructure and spectrum rollouts, regulatory issues, and other carrier news from the US market. Diana came to GSMA from her former role as Editor of Wireless Week and CED Magazine, digital-only...

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