Verizon admits defeat with $4.6B AOL-Yahoo writedown

VERIZON HAS written down the value of its AOL and Yahoo acquisitions by $4.6 billion. / BLOOMBERG NEWS FILE PHOTO ANDREW HARRER
VERIZON HAS written down the value of its AOL and Yahoo acquisitions by $4.6 billion. / BLOOMBERG NEWS FILE PHOTO ANDREW HARRER
NEW YORK - Verizon Communications Inc. is conceding defeat on its crusade to turn a patchwork of dot-com-era businesses into a thriving online operation. The wireless carrier slashed the value of its AOL and Yahoo acquisitions by $4.6 billion, an acknowledgment that tough competition for digital advertising is leading to shortfalls in revenue and profit. The…
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