Verizon To Lay Off 7% of Media Group Staff

Apparently, Verizon's beleaguered media group is laying off 800 employees -- 7 percent of its staff -- and is focusing on fewer areas to revive its fortunes. Verizon CEO K Guru Gowrappan said in an email to staff that the business would focus on mobile and video-focused products. Yahoo-branded entertainment and news platforms are particularly important to the unit’s strategy.