Layoffs At Verizon Media Group Amid Strategy Shift
In the clearest indication to date of a shift in their business strategy, Verizon Media Group (the artist formerly known as Oath), announced the layoffs of 800 employees yesterday. The ominous sounding “voluntary redundancy program” will be a buyout of roughly 7% of the division’s workforce.
Verizon Media Group CEO Guru Gowrappan spun the cuts as a necessary move to refocus on three areas in 2019; growing the “member-centric ecosystem,” increasing usage/spending on its B2B products, and increasing video supply and distribution. Hopefully this is the final step in what’s become a painful recalibration of Oath’s business, which started with CEO Tim Armstrong’s departure last September.
It’ll be interesting to watch VMG’s new strategy play out over the next several quarters to see if this was all worth it.