Verizon to reorganize business segments

Hans Vestberg, Verizon executive vice president and president of Global Networks and Chief Technology Officer, speaks during a panel discussion on 5G wireless broadband technology during the 2018 CES in Las Vegas, Nevada, U.S. January 10, 2018. REUTERS/Steve Marcus

(Reuters) – Verizon Communications Inc said on Monday it will reorganize its business segments into Consumer, Business and Verizon Media Group/Oath to focus on the types of customers it serves.

The reorganization under Chief Executive Officer Hans Vestberg, who was named to the top job on Aug. 1, is a shift from the previous operating structure split between wireless and wireline and included the largest U.S. wireless carrier’s Fios internet and video products.

The company said the new Verizon Media Group/Oath segment will include media, advertising and technology, and be led by Guru Gowrappan, who had been appointed CEO of Oath, the digital media umbrella that includes Yahoo and AOL.

“Content is going to be important for 5G, and we’re doing that within Oath,” Vestberg said in an interview, adding there are no changes in the company’s previous statements that it is focused on its wireless network rather than acquiring media content.

Reporting by Sheila Dang; Editing by Jason Neely and Jeffrey Benkoe

Our Standards:The Thomson Reuters Trust Principles.

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