Verizon's rollup strategy combining Yahoo and AOL hasn't panned out the way it expected.
The telecommunications company spent around $10 billion to acquire Yahoo and AOL, merging them under the Oath operating division. But the internet-media business isn't performing as well as Verizon originally expected — and on Tuesday, Verizon said it expects to record a non-cash goodwill impairment charge of approximately $4.6 billion in the fourth quarter of 2018.
That represents the elimination of nearly the entire goodwill balance of $4.8 billion that Verizon was carrying on its balance sheet for the Oath acquisitions. In accounting, goodwill reflects the value of intangible assets of an acquired entity.
By Euronews.
Full story at Euronews.
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