Verizon Is Officially Out Of The Media Game They Sold Yahoo And AOL For $5 Billion

Verizon has decided to switch from multitasking to tunnel vision. For years Verizon were involved in the media game, and streaming world. The mobile juggernaut bought AOL in 2015 for $4.4 billion, and in ’17 they acquired Yahoo for $4.5 billion.

The vision the team saw together was to compete in the online advertising industry with Kingpins, Google and Facebook. You have to love the ambition. Under the guidance of AOL CEO Tim Armstrong, Yahoo and AOL converged brands and created a new media division in Verizon’s system called Oath. A good name with significant meaning.

In 2018, due to lack of momentum Armstrong left the company, by November of the same year Oath rebranded and Verizon Media Group was formed. The company is led by Guru Gowrappan (One of the greatest names ever) he will remain in control under the new regime.

Selling off Yahoo and AOL to Apollo means Verizon again has all their eggs in one basket. Stepping away from the competition they created. AT&T are collaborating with Warner in hopes of shaping WarnerMedia into a streaming service that can compete with Disney+ and Netflix. Comcast is also on the same wave and are partnered with NBC, together they created NBCUniversal.

What do ya’ll think IMUer’s did Verizon make the wise choice or do you think AT&T can pull it off? Do any of our readers around the world use WarnerMedia or NBCUniversal if so let us know? Give us your feedback in the comments section below.

Source: NBC News

Cover Photo: NBC

Video: CNBC Television