[ad_1]
The Verizon Division, formerly known as Oath, laid off 7% of its workforce, representing approximately 800 employees.
Oath was created after the acquisition of AOL by Verizon, followed by Yahoo, which brought them together two years ago into a combined multimedia entity under a new name. However, it appears that the organization did not achieve the expected results, as expected by Verizon executives: the departure of AOL's chief executive, Tim Armstrong, and the recent $ 4.6 billion reduction from Verizon in the media sector announced the creation of a "voluntary dismissal" program. redemptions, at the same time.
In addition, Verizon decided to withdraw the Oath brand at the end of last year. (TechCrunch was part of AOL, then Oath, and is now part of Verizon Media Group.)
"Our goal is to create the best experiences for our consumers and the best platforms for our customers," said a Verizon spokesperson in a statement. "Today marks a strategic step towards better execution of our plans for growth and innovation in the future."
In an email to employees, Guru Gowrappan, CEO of Verizon Media Group, also presented the cuts as part of a broader strategy. The company's focus is on three key areas during the first quarter of this year: the growth of "the member-centric ecosystem", a growing use / spending on its B2B products and increase in the supply and distribution of videos.
"I want to be clear that we will continue to grow, launch new products and innovate," he wrote. "We are an important part of Verizon and the more than $ 7 billion in revenues generated by our membership-centric ecosystem place us among the world's largest technology and media companies. Now is the time to go on the offensive, get to the bottom of our top priorities and do everything in our power to move the company forward. "
You can read the full email below.
Team –
Last quarter, our management team worked to create the strategy that will propel Verizon Media. We have honestly badessed where we are and set ambitious but achievable goals that prepare us for growth. We have shared it widely with you and together we are committed to meeting our regulatory commitments with meticulous planning, collaboration and rigorous execution.
As difficult as it may seem at times, we have made great strides in serving our customers around the world: consolidation of advertising platforms, expansion of the Microsoft partnership, development of live programming and content offerings for our Supers , and setting priorities and launching 8 new solutions. or products substantially updated to Build It 2018.
In the first quarter, we will have three priority areas: first, to develop our membership-centric ecosystem with indispensable video and mobile products and stop the decline of workstations; second, increase usage and spend via B2B platforms; third, expand our video offering and global distribution through partnerships. As we work toward two short-term goals to stabilize our business, we also focus on long-term strategies that will accelerate distribution, growth and innovation within Verizon.
This week, we will make changes that will affect about 7% of our global workforce, as well as some brands and products. These decisions were difficult and we will ensure that our colleagues are treated with respect, fairness and the support they need. Resources and other professional badistance services will be provided to help our team members navigate the transition.
In addition, we conducted a thorough badysis to prioritize programs currently in our portfolio: consumer products, advertising products, platform features, partnerships, and data centers.
Each business unit must manage its income statement, but these decisions are made to rationalize resources and invest in opportunities that will help us grow. You all know now that I believe deeply in the spirit of ownership and its focus as a key ingredient of success: getting to the bottom of the essential things that will have the greatest impact on our customers and our business, and making them exceptionally well.
I want to make it clear that we will continue to develop, launch new products and innovate. We are an important part of Verizon, and the more than $ 7 billion in revenues generated by our membership-centric ecosystem place us among the world's largest technology and media companies. Now is the time to go on the offensive, get to the bottom of our top priorities and do everything in our power to move the company forward. We'll talk more about it and answer questions Friday at the open house.
Our world continues to evolve at a faster pace and we must anticipate trends in consumption. We are reinventing our future and building new products that will be invaluable to consumers today and in the years to come. It is the spirit of our company and the spirit that we all incarnate as builders.
Better,
Guru
Source link
