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/ Source: CNBC.com
By Sara Salinas, CNBC and Ryan Ruggiero, CNBC
Verizon Media Group ̵
The layoffs affect around 800 employees in the Verizon division and follow group buyouts in December.
We will ensure that our colleagues are treated with respect and fairness and receive the support they need, "said Guru Gowrappan, CEO of Verizon Media, in an email to employees. "I want to make it clear that we will continue to scale, introduce new products and innovate. We are an important part of Verizon … Now is the time to go on the offensive, set our big priorities down and do everything we can to drive the business forward.
The Verizon Media Group includes media, advertising and technology. Founded in November, the Oath division was the result of a merger of Yahoo and AOL under the Verizon brand.
The division has recently come under pressure as Verizon and CEO Hans Vestberg want to save $ 10 billion in 2021. Verizon withdrew $ 4.6 billion for the media business and revealed in a letter of approval issued in December, that the segment was not as valuable as it was previously thought.
"Our goal is to create the best experiences for our customers and customers the best platforms for our customers," said a Verizon spokesman for CNBC on issues surrounding the layoffs. "Today is a strategic step on the way to better implementing our growth and innovation plans in the future."