Breaking News Emails
Verizon Media Group — formerly known as Oath — is laying off 7 percent of its workforce, a person familiar with the change told CNBC.
The layoffs affect approximately 800 employees of the Verizon division, and follow company-wide buyouts in December.
“These were difficult decisions, and we will ensure that our colleagues are treated with respect and fairness, and given the support they need,” Verizon Media CEO Guru Gowrappan said in an email to employees. “I want to be clear that we will continue to scale, launch new products and innovate. We are an important part of Verizon ... Now is the time to go on the offensive, go deep on our big priorities and do everything we can to advance the business.”
The Verizon Media Group includes media, advertising and technology. The division formed in November to encompass Oath, the result of a merger between Yahoo and AOL under the Verizon brand.
The division has come under pressure as of late, as Verizon and CEO Hans Vestberg seek to save $10 billion in cash by 2021. Verizon took a $4.6 billion write-down on its media business, revealing in a December regulatory filing that the segment wasn’t as valuable as it previously thought.
“Our goal is to create the best experiences for our consumers and the best platforms for our customers,” a Verizon spokesperson told CNBC in response to questions about the layoffs. “Today marks a strategic step toward better execution of our plans for growth and innovation into the future."