Friday December 14, 2018

Verizon to Cut Oath Workforce by 1,000 Jobs

Verizon has decided to shave 10% of the Oath workforce as it invokes more cost cutting measures in its effort to cut $10 billion in costs. Over 1,000 jobs at the company's Oath media business will be lost according to anonymous sources. Just recently Verizon laid off over 10,000 workers in its core telecom business. On Tuesday, Verizon announced a write-down of Oath media business value by $4.6 billion as part of a goodwill impairment charge on a SEC filing.

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The cuts come in the wake of Vestberg's decision to slash the value of the Oath properties, which include AOL and Yahoo, by $4.5 billion. The write-down cuts Oath's value in half and suggests that Verizon is conceding defeat in its foray into the digital media business. The impending job losses come amid contraction across the digital media landscape as publishers have struggled for revenue in an advertising market dominated by Facebook and Google.