Verizon slammed by $4.9B charge on Oath restructuring
Verizons money-losing media brands including Yahoo and AOL tanked profits last quarter as the new CEO shifts focus to growing the companys high-speed wireless network.
Verizons Oath unit which includes Yahoo, AOL and the HuffPost news site booked a $4.6 billion pretax charge in the quarter ended Dec. 31.
The news came as Oath, the brainchild of former AOL boss Tim Armstrong, logged quarterly revenue of $2.1 billion, a steeper-than-expected drop of 5.8 percent versus last year.
Shares of Verizon closed down 3.3 percent to $53.28 Tuesda...