Verizon is planning to take a $4.6 billion write down on Oath, its fruitless combination of AOL and Yahoo under one roof, as its media division fails to grow digital advertising revenue.
The write down, expected to be reflected in its fourth quarter financials, was shared in a filing with the Securities and Exchange Commission on Tuesday.
“Verizon’s Media business, branded Oath, has experienced increased competitive and market pressures throughout 2018 that have resulted in lower than expected revenues and earnings,” the company said in its filing. “These pressures are expected to continue and have resulted in a loss of market positioning to our competitors in the digital advertising business.”