Verizon to Cut Oath Workforce by 1,000 Jobs


Fully [H]
Apr 10, 2003
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.

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.
There’s bound to be a lot of dead weight that Melissa Mayer would have filled up Yahoo with.
I don't know what they were thinking. I'm glad I'm not an investor - I'd be casting some votes against the current board (not that I would own enough to matter)
Not meaning to pile insult on top of incompetence but I always felt that 'Oath:' was an odd name for a failing media company. With a name like that I feel like we should have a GoFundMe page to buy a barrow mound and menhir in Guadalupe River Park where all the employees can be buried.
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Would not hurt my feelings at all to see Verizon come completely unraveled.
I use Verizon. Technically, they've been pretty good. 4 out of 5 stars. Billing? Well, I travel, and I cannot count the number of times my bills have been messed up due to roaming fees, etc. that were misapplied. To Verizon's credit, I'm always able to straighten it out. After ~10 such incidents, they've been (totally?) resolved.

As for the fees I pay? Well, I pay them, so I must think there's value for what I'm purchasing.

I don't wish ill will on Verizon, but I'm curious why they spun out to anything other than their core business: wireless telephony.