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Verizon says some of its media assets are so useless it won’t try to sell them
2019-01-23T20:50:47Z - Peter Kafka / Recode
The short life of WakingNews is part of a much larger cost-cutting effort by Verizon, announced today, which will see some 800 employees in the company’s media division lose their jobs. That’s about 7 percent of Verizon’s media workforce, which used to be known as AOL and Yahoo. The cuts are painful but not surprising, since Verizon announced last month that buying AOL and Yahoo had been a very expensive mistake. What was most interesting in the WSJ report was that Verizon media boss K. Guru Gowrappan has surveyed everything that his company owns and has concluded that some of it has zero value. Turns out that Gowrappan thinks that sales process took too long and cost too much money, per the WSJ.

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