Verizon Media Group launches 800 people

Verizon Media Group – formerly Oath – laid off 7% of its workforce, told CNBC a person familiar with the change.

The layoffs affect approximately 800 employees in the Verizon division and follow company-wide buyouts in December.

"These decisions were difficult and we will ensure that our colleagues are treated with respect and fairness, and receive the support they need," said Guru Verizon Media CEO Guru Gowrappan in an e-mail to employees. "I want to be clear that we will continue to grow, launch new products and innovate. We are an important part of Verizon … 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. ;business. "

The Verizon Media Group includes media, advertising and technology. The division was created in November to encompbad Oath, a result of the merger of Yahoo and AOL under the Verizon brand.

The division has come under pressure recently, while Verizon and its managing director, Hans Vestberg, are seeking to save $ 10 billion in cash by 2021. Verizon has depreciated its media activity by $ 4.6 billion, revealing in a regulatory filing in December that the segment was not ". t as valuable as previously thought.

"Our goal is to create the best experiences for our consumers and the best platforms for our customers," a spokesperson for Verizon told CNBC in response to questions about layoffs. "Today marks a strategic step towards better execution of our plans for growth and innovation in the future."