Yahoo

Verizon CEO: Media business needs to stand on its own

Verizon CEO Hans Vestberg
Verizon CEO Hans Vestberg. Photo: Steven Ferdman/Getty Images

Verizon CEO Hans Vestberg isn't ready to ditch the telecom company's media unit, but he tells Axios it will have to make money without leveraging data from the company's wireless and wireline subscribers.

Why it matters: This is a sharp departure from the company's original premise for buying Yahoo and AOL: that Verizon could use its detailed data on subscribers to take on Google and Facebook, which together dominate digital advertising.

Verizon's moment of clarity

Verizon CEO Hans Vestberg. Photo: Steven Ferdman/Getty Images

Verizon has finally figured out that it way overpaid for Yahoo and AOL, perhaps after going back and reading all the contemporaneous media analysis and armchair tweets.

Details: The company, now led by a CEO who prioritizes media like Bill Belichick prioritizes fashion, yesterday wrote down the value of its entire Oath unit by $4.6 billion. For context, Oath basically consists of Yahoo ($4.8 billion purchase last year) and AOL ($4.4 billion in 2015).

More stories loading.