Verizon to take USD 4.6 bln impairment charge to write off Oath goodwill

Nieuws Algemeen Verenigde Staten 11 DEC 2018
Verizon to take USD 4.6 bln impairment charge to write off Oath goodwill

Verizon announced that it will write off most of the remaining goodwill at its online advertising business Oath in the fourth quarter, in an impairment charge totaling USD 4.6 billion. The US operator said the latest five-year projection for the business found the company is unlikely to grow as expected, nor has it benefited as much as hoped from the merger of AOL and Yahoo. 

This leaves around USD 200 million in goodwill remaining at Oath. The impairment charge will be offset somewhat by an expected USD 2.1 billion tax benefit in Q4 from an internal reorganization of legal entities associated with Verizon's wireless business in December. 

Verizon announced the one-time items in a SEC filing, where it also said it will book around USD 2 billion in severance charges in Q4 for its voluntary redundancy programme. 

Categories:

Algemeen

Companies:

AOL,  Verizon,  Yahoo,  Oath

Countries:

Verenigde Staten

Tags:

Financial figures, Advertising services

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