Verizon’s media and advertising chief Tim Armstrong may exit company – 247 news

Verizon’s media and advertising chief Tim Armstrong may exit company – 247 news


 Apparently Tim isn’t the right executive for the job.  The head of Verizon’s media and advertising business, Tim Armstrong, may soon exit the telecom giant, having failed over three years to grow the former AOL and Yahoo operations into meaningful revenue generators, according to a report Friday  Armstrong, 47, and Verizon have started talks over an exit package that could see the one-time tech CEO leave Verizon by the end of October, according to the report  Then-Verizon chief executive Lowell McAdam acquired AOL in 2015 for $4.4 billion with a vision of melding it with the wireless carrier’s wide reach to create an advertising power that would rival Google and Facebook  McAdam added Yahoo for $4.8 billion two years later. Verizon then created Oath, an umbrella company overseeing both digital brands — and Armstrong was put in charge  McAdam retired this past summer — and the future of both Oath and Armstrong was very much up in the air  Armstrong struggled to make the wide-ranging collection of assets — including Yahoo video, email, sports and news and similar AOL assets — into a substantive power  Oath’s slice of the online ad market is expected to be just 2.7 percent by 2020, according to eMarketer  The Wall Street Journal, citing people familiar with the matter, first reported on the Armstrong-Verizon exit talks  To be sure, Verizon never seemed “all-in” on Oath and its mission.  Verizon shopped for, but didn’t buy, a large video content provider last year, and has so far eschewed the transformative mergers that its phone rivals have pursued, the Journal reported  Mostly, Verizon brass were focused on building out a 5G network and not giving Armstrong the asset he may have needed to grow Oath  Verizon shares were trading down 27 cents, to $54.02, early Friday.

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