Verizon’s media and advertising business head Tim Armstrong may resign

Verizon Communications’ head of media and advertising business, Tim Armstrong, is likely to resign from the US wireless carrier, the Wall Street Journal reported on Friday.
Verizon 5G test
Tim Armstrong came to Verizon in 2015 following its takeover of AOL and headed Oath, which was created last year after the No.1 U.S. telecom company acquired the core business of Yahoo and merged it with AOL.

Oath owns more than 50 brands, including HuffPost, TechCrunch and Tumblr, but has failed to make an impact in the space occupied by Facebook and Alphabet’ Google.

At Verizon, Tim Armstrong had been working on building AOL’s expertise in placing text and video ads on mobile phones.

Tim Armstrong headed AOL from 2009 to 2015, and was instrumental in the company reporting its first quarterly revenue growth in eight years in 2013.

Last year, Verizon had shown interest in acquiring a significant part of Rupert Murdoch’s Twenty-First Century Fox’ assets, which was finally sold to Walt Disney.

Recently, Verizon CEO said the main focus would be on building 5G networks rather than adding media and entertainment assets.