Verizon’s Media Business Never Made Any Sense

Remember the ‘90s? Photo: Laura Cavanaugh/2015 Getty Images On Tuesday, Verizon announced that it would be selling Yahoo and AOL. On the latest Pivot podcast, Kara Swisher and Scott Galloway discuss why it was never logical for the telecom giant to dabble in media and whether Yahoo was sold for less than it’s actually worth.

Subscribe on: Apple Podcast Google Podcast Spotify Galloway: So just some disclosures: I invested with Apollo and Ganett. I like Gannett, I like local newspapers and journalism and all that good stuff. I know those guys, and Tim Armstrong is one of my investors. Having said all of that — and by the way, I haven’t spoken to anybody regarding any of it — this never made any sense.Galloway: TELCO’s adventures in media just haven’t worked. Verticalization is really powerful.

Galloway: I like the CMO of Verizon. I’ve known him for a while. And he asked me to speak at one of their big town halls with all the marketers. They did one of these pre-calls, where they see just how fucking crazy I’m going to be and if they should cancel.

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Verizon to sell media business, including Yahoo, AOL to Apollo for $5 billionVerizon has struggled to grow its media business, declaring them nearly worthless with a $4.6 billion write-down in 2018. Bigger players such as Facebook and Google have sweeped the digital advertising market. Verizon will get $4.25 billion in cash, preferred interests of $750 million and retain a 10% stake in Verizon Media, as part of the deal terms. Jesus, that is the ultimate kiss of death. 😂 'The business will be called Yahoo when the deal closes'
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