![]() ![]() Our main query: What are you doing at Verizon? Looks like we weren’t the only ones asking that question. When you’re done, here’s a chat Kara Swisher and I had with Armstrong at Recode’s Code Media conference last February. Media empire is a small piece of a company that doesn’t seem interested in building media empires anymore.Guy who sponsored the media empire builder has left.And the semi-official messaging I’ve received is that the various components of Oath - sites like HuffPost, Yahoo Finance, TechCrunch, Engadget and many more - will be fine because they’re being integrated directly into Verizon and will benefit from its distribution and scale. Eachdraidh deasaich an ts Tha diofar phuingean. Tha ficsean-saidheans na gn litreachasail ( rosg, film, brdachd, prgram-rideo) a tha a-mach air beatha mhac-mheanmhach anns an m ri teachd, stidhichte air an Talamh no, gu tric, ann am fnas. ![]() Meanwhile, just to put all of this in perspective: Oath generated $1.9 billion for Verizon in Q2 - that’s 6 percent of the company’s total revenue of $32.2 billion. Talfasg, leabhar-cloinne ficsean-saidheans le Maoilios Caimbeul. before Meredith acquired it this year - it has signaled that it’s not going to write big checks for other media properties. It burned at least $658 million in the process.Īnd while Verizon had previously kicked the tires on CBS and other potential media acquisitions - Armstrong had poked around at Time Inc. Note, for instance, that under Vestberg Verizon has shuttered Go90, a would-be mobile video service that you never watched. After convincing Verizon to spend another $4.5 billion on Yahoo, Armstrong wanted Verizon to spin the combined company out, giving him control of a much bigger internet content and advertising company, with important ties to a giant distributor.īut the spinout never happened, and Lowell McAdams, the Verizon CEO Armstrong first worked with, has been replaced by Hans Vestberg, who doesn’t seem to share McAdams’s interest in becoming a media player. I always wondered why Armstrong, after generating a huge personal fortune and a long, difficult tenure as CEO of a public company, stuck around Verizon after selling AOL to the telco for $4.4 billion in 2015. Guru Gowrappan, the executive Armstrong hired as his COO last spring. A corporate re-org this summer stripped him of many of his responsibilities and essentially handed day-to-day control of his Oath media empire to K. The WSJ’s story was easy to confirm with a couple calls, since it turns out to have been an open secret that Armstrong was headed out at Verizon. That’s the main question following news that Armstrong is negotiating an exit from the telco, first reported by the Wall Street Journal this morning. What happens to the media companies he’s leaving behind? Tim Armstrong convinced Verizon to bet $9 billion on internet media companies over the last few years. ![]()
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