Verizon to take a charge of up to $6.7B due to Oath and redundancies

Verizon, the telecoms giant that is the parent of Oath (and therefore owns TechCrunch), has been through the re-organizational ringer in recent quarters and today it announced the full financial effect of that process. According to an SEC filing, the company will take charges of up to $6.7 billion as a result of a voluntary redundancy program (up to $2.1 billion pre-tax) and market pressures for its Oath business, which is primarily made up of the merger of AOL and Yahoo, two companies it has acquired in recent years (up to $4.6 billion pre-tax). On the cost side, the company specifically said that its voluntary separation program, which will ultimately impact 10,400 employees by June 2019 (but will see the first tranche leave this month), will lead to a severance charge of between $1.8 billion and $2.1 billion ($1.3 billion to $1.6 billion after-tax) in Q4 2018.