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FILE- In this May 2, 2017, file photo, people walk by a Verizon store in New York. Verizon is cutting about 800 jobs, or 7 percent of the staff in its media division, as it reorganizes the troubled unit. he new CEO of Verizon’s media division, Guru Gowrappan, sent an email to employees Wednesday, Jan. 23, 2019, informing them of the layoffs. (AP Photo/Bebeto Matthews, File)

Verizon cutting about 800 jobs in troubled media business

 By The Associated Press  January 23, 2019 at 2:42pm
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NEW YORK (AP) — Verizon is cutting about 800 jobs, or 7 percent of its media and advertising employees, as it reorganizes the troubled division.

The wireless company had hoped to create an ad business that could compete with Google and Facebook. It spent roughly $10 billion buying up former Internet pioneers Yahoo and AOL . But Verizon found benefits from integrating those two companies were less than expected. The company slashed the value of its media unit by nearly $5 billion in December.

The new CEO of Verizon’s media division, Guru Gowrappan, informed employees of the layoffs in an email Wednesday. He says the division’s priorities will now include focusing on mobile and video products and stemming declines with desktop users.

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The Associated Press
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands. Photo credit: @AP on Twitter
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
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