Verizon reported that revenues for its Oath media business were down almost 7% in the third quarter year-over-year and that it doesn’t expect the unit to meet its target of $10 billion by 2020, raising questions again if the company will sell the business.
With former Oath CEO Tim Armstrong leaving the company and a new CEO of Verizon who is more focused on growing Verizon’s wireless business than on media, it isn’t clear why the company would keep Oath if it can get a good price for it.
But that’s a big “if” right now. The company said revenue for Oath would be flat for the near term. However, when asked if there were “monetization opportunities” for Oath, Verizon Chief Financial Officer Matthew Ellis said the company believes the business will be on track to drive revenue eventually. He added that Oath’s team and technology has been adding to Verizon’s overall business in areas like data analytics, virtual reality and augmented reality.