Verizon Media Group Cuts 800 Jobs in Strategic Restructuring
Verizon Media Group lays off about 800 employees as it shifts focus to three core business priorities. The cuts follow a massive writedown and the retirement of the Oath brand name.
Verizon Media Group eliminates approximately 800 jobs, accounting for a 7 percent reduction in its workforce. This division originally forms under the name Oath after Verizon acquires AOL and Yahoo, but the company ultimately retires the Oath brand following disappointing performance and a recent $4.6 billion writedown.
Verizon Media Group CEO Guru Gowrappan frames the layoffs as a strategic step to improve execution and drive future innovation. He emphasizes in an internal email that the company remains a top tech and media entity generating over $7 billion in revenue through its member-centric ecosystem.
Moving forward, the organization focuses on three primary priorities for the first quarter of the year. These key areas include expanding the member-centric ecosystem, boosting usage and spending on B2B products, and increasing video supply and distribution across its platforms.