Oath Layoffs Hit 560 in the U.S. and U.K. Following Verizon Acquisition

Oath Layoffs
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Oath, the entity that was created following the Verizon Communications Inc. (NYSE:VZ) and Yahoo!, announced that 560 people are set to be laid off. This represents the latest round of Oath layoffs, which have been building since the merger.

The cuts represent a reduction of slightly less than four percent of the overall workforce of 14,000. The cuts were made across the board, affecting people both in the U.S. and abroad.

“Oath’s strategy is to build brands one billion users around the world love. We’re about four months post-close of Verizon’s acquisition of Yahoo, and we’ve made these changes to our team to further align our global organization with our 2018 roadmap. Oath remains committed to building a company talent loves and we continue to hire across our priority business units,” said a statement sent to multiple media outlets.

The acquisition was completed in June, with Yahoo being valued at $4.48 billion. The initial round of Oath layoffs cut 2,100 people after the deal closed. That brings the total Oath layoffs to over 2,600, all of which were done in the wake of the acquisition.

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There’s no news on whether these will be the last round of layoffs for the digital content subsidiary.

Oath encompasses both Yahoo and AOL media companies, among others. Some of these companies include TechCrunch, HuffPost (formerly the Huffington Post), Yahoo! Finance, and other verticals from the Yahoo network.

The cuts, while made as result of the integration of several media companies, are some of the latest to hit an ailing media industry that has been struggling to find revenue online, which is comparable to the ad revenue that many used to earn from physical ads.

 

Sources

Oath lays off up to 560 after Verizon acquisition,” Digiday, November 16, 2017.

Yahoo has reportedly laid off more staff in the UK and US,” MobileMarketing, November 16, 2017.

Latest round of Verizon layoffs at Oath affects <4% of staff globally,” TechCrunch, November 16, 2017.

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