Verizon Media Group, formerly known as Oath, is planning to layoff around 800 members of staff – or seven per cent of its workforce.
Nearly two years ago, Verizon formed Oath by bringing together its AOL and Yahoo acquisitions and creating a combined digital media entity. Though, it hasn’t been all plain sailing for the division and, just recently, it binned the Oath name to become Verizon Media.
Now, in an email sent to employees and first seen by CNBC, Verizon Media CEO Guru Gowrappan has said: “As we work to deliver on both short-term objectives to stabilise our business, we are also focused on long-term strategies that will accelerate distribution, growth and innovation as part of Verizon… These were difficult decisions, and we will ensure that our colleagues are treated with respect and fairness, and given the support they need… 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.”