Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

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.

In an interview with Axios, Vestberg says the former AOL and Yahoo businesses "need to survive on their merits."

  • Though he's mostly focused on 5G and the company's massive wireless and wireline businesses, Vestberg says he sees potential in the content operation.
  • Content is particularly strong in parts of Yahoo's operations in sports, finance and entertainment, which lend themselves to video programming, he says.
  • But he adds the company will prioritize the responsibilities it has to those paying it for network services.
"We're not trying to mimic a Facebook or Google. We don’t think that's the right way to do that."
— Hans Vestberg

By the numbers: Verizon doesn't break out the profitability of its media business, but it said in November that the unit wouldn't meet its goal of becoming a $10 billion-a-year business by 2021.

  • Vestberg, who has been Verizon CEO for less than a year after 28 at Ericsson, says it's too soon to determine if there may be divestitures within the media business.

He has already started making other changes. Late last year, Vestberg implemented a strategy he calls "Verizon 2.0." The effort includes:

  • Shaking up the company's leadership ranks.
  • Reorganizing into 3 businesses: consumer, business and Verizon Media Group.
  • Outsourcing a chunk of the company's IT operations to Infosys.
  • Accepting voluntary buyouts from more than 10,000 workers.

Why? The changes are designed to help the company fully take advantage of the next generation of cellular technology. 5G is just starting to reach consumers, but over time has the potential to create whole new lines of business.

  • One of the earliest opportunities is to take the kind of network that Verizon is building for itself and sell a version to large businesses looking to speed up and automate their own corporate campuses, according to Vestberg.
  • Additional opportunities range from health care to smart cities, as 5G networks become more advanced and ubiquitous. Those areas require lots of wireless spectrum, dense networks and fiber — all of which Verizon has, he says.

One area where Verizon still has room to improve, Vestberg notes, is to take a more active role in the businesses that are built using its high-speed connections.

  • "Much of the innovation came on top of the network in 4G," he says. Customers still benefitted, but he would like to see Verizon get more involved this time around.
  • That doesn't necessarily mean the company needs to build every product, but "we need to be part of that innovation."

Go deeper

Updated 24 mins ago - Economy & Business

Janet Yellen co-opts Reaganomics phrase for new Davos speech

Treasury Secretary Janet Yellen at a speech this week. Photo: Alex Wong/Getty Images

The U.S. needs to focus on increasing its productive potential, Treasury Secretary Janet Yellen told world leaders Friday, calling for what she terms "modern supply side economics."

Why it matters: She co-opted a phrase traditionally used by political conservatives to describe low-tax and deregulatory policies — and framed the Biden administration's initiatives as the best path forward to achieve greater national prosperity.

National Archives releases Trump White House records to Jan. 6 panel

Photo: Chip Somodevilla/Getty Images

The National Archives on Thursday evening released records of former President Trump's White House to the House Jan. 6 Select Committee, the agency said.

Why it matters: The committee now has documents that Trump attempted to keep hidden, arguing that their release would undermine his executive privilege.

Worker shortage unleashes a forever jobs crisis

Illustration: Shoshana Gordon/Axios

Workers are in the driver's seat in the labor market, and that doesn't look likely to change anytime soon. It's also starting to alter the competitive landscape across the business world.

Driving the news: The terms of competition are shifting, especially in labor-intensive industries. Companies that have some distinct advantage in their ability to attract the best workers are likely to fare better.