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Verizon (VZ) Restructures into Three New Segments
On Monday, Verizon (VZ - Free Report) announced that it will reorganize into three new segments: Consumer, Business, and Verizon Media Group/Oath. Verizon Business Group will include products and services sold to businesses and enterprises.
Verizon Consumer Group will now manage the consumer division of its wireless and wireline businesses.
Verizon Media Group/Oath will include media, advertising, and technology and oversee media properties like Yahoo and HuffPost.
This is a shift away from the past operating organization of wireless and wireline. The reorganization is part of CEO Hans Vestberg’s broader plan to advance 5G wireless technology.
The changes are effective January 1, 2019. Investors can expect Verizon to begin reporting financials under the new structure in Q2 2019.
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