MAY 3, 2021— MEDIA GROUP SOLD TP APPOLO FOR $5 BILLION
Verizon will get $4.25 billion in cash from the sale of its media assets to private equity firm Apollo Global Management along with its 10% stake in the company. Verizon and Apollo said they expect the transaction to close in the second half of 2021.
Look for extreme cost-cutting and restructuring to recoup value and lower the actual sale price.
APRIL 29, 2021 — DANGER: VERIZON PLANNING TO DIVEST ASSETS, POSSIBLY TO AN EMPLOYEE-CUTTING HEDGE FUND
According to the Wall Street Journal, “Private-equity firms including Apollo are among possible bidders for Verizon media assets.”
The company appears to be exploring a sale of assets including Yahoo, AOL, Yahoo Finance, and Yahoo Mail, TechCrunch, Engadget, as the telecommunications giant looks to exit an expensive and unsuccessful bet on digital media.
FEBRUARY 20, 2020 — 496 LAYOFFS IN HILLIARD, OHIO
The company has notified the State of Ohio that it plans to close its Business Government Customer Operations Center and its customer support service team operation as well as downsizing its credit order review operations at its Hilliard, Ohio office.
The decision which will impact 496 employees are scheduled for April 2020.
According to a company spokesperson, “Our employees are highly trained, skilled, and experienced and we want as many of them as possible to stay with us. Our Hilliard facility will continue to be home to Verizon employees and is an important part of our operations. We remain committed to supporting the local community.”
APRIL 9, 2019 — CONTINUING PHASE OUT AT ALBUQUERQUE, NEW MEXICO
As previously announced, the company will be closing its Albuquerque call center operation and laying off 257 employees.
MAY 28, 2018 — Original post…
In accordance with the pre-announced restructuring of its call centers, the largest U.S. telecommunications carrier, Verizon, is abandoning its 191,000 square-foot Franklin, Tennessee call center and laying off up to 265 employees.
Some of the employees will be allowed to work from home under Verizon’s HBA (Home-Based Agent) program that allows the company to save infrastructure costs while providing flexibility to a varying workforce.
This workforce is not unionized and some posit that this move prior to 2019 union contract expirations with a number of Verizon unions is a method to avoid increasing the unionized employee headcount.
Verizon has ongoing plans to phase out most of its so-called “brick-and-mortar” call centers into a work-from-home program by May 2019. In addition to the Franklin, Tennessee call center, the other centers affected include Huntsville, Alabama; Little Rock, Arkansas; Albuquerque, New Mexico; Mankato, Minnesota; Hilliard, Ohio; and North Charleston, South Carolina.
Approximately 3,000 workers are said to be affected by the closures although an unknown number of employees will be offered the opportunity to work in the HBA program or transition to other positions within the company.
Verizon’s spin on the situation is “happy employees mean happier customers.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere ... are you now wondering, Am I Next?