Verizon Media Group, the umbrella organization that includes portfolio companies AOL and Yahoo, is laying off 7 percent of its staff as the telecom giant focuses on its cellular business. (THR)
The division, which houses such Web 1.0 names as AOL, Yahoo and HuffPost, once had grand ambitions of keeping pace with digital giants. Last December, the company conceded the strategy of buying up distressed digital properties had not borne fruit, taking a $4.6 billion charge against the value of the former Oath unit. (Deadline)
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