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Verizon just admitted that the value of its media brand, Oath, is essentially worthless.Verizon announced Tuesday that it would take a .6 billion writedown on its the media unit, which includes Yahoo and AOL.Oath's brand value is now worth just 0 million, according to Verizon. That's a stunning decrease in value since it formed in 2017. Verizon said Oath's brand was worth .8 billion when it last accounted for the company's goodwill valuation.Verizon snapped up a number of legacy media brands in recent years to create Oath. It bought Yahoo for .5 billion in 2017 and AOL, which owns HuffPost, for .4 billion in 2015.With virtually no goodwill brand value, Oath's overall value (assets and goodwill) is now worth half of what it was a few years ago.The telecommunications giant said the integration of Yahoo and AOL didn't meet expectations.Oath "has experienced increased competitive and market pressures throughout 2018 that have resulted in lower than expected revenues and earnings," according to a filing with the SEC Tuesday. Facebook, Google and Amazon are sucking up ad dollars, forcing publishers to search for other streams for revenue.The Verizon media unit's poor performance led the company to make "unfavorable adjustments to Oath's financial projections" for the next five years.Verizon plans to focus more on wireless technology and less on content and distribution.This summer, Verizon replaced CEO Lowell McAdam with Hans Vestberg, the telecom company's former chief technology officer.In September, Oath CEO Tim Armstrong left. He was a driving force behind Verizon's media acquisitions. Armstrong was replaced by K. Guru Gowrappan, Oath's president and former chief operating officer.Verizon announced Monday that 10,400 management employees had accepted voluntary buyout deals, out of 44,000 who were eligible. The buyouts are part of a plan to cut costs and shift investments into wireless and 5G. 1942
Two leading Democratic senators want answers from Aetna Chairman and CEO Mark Bertolini after a former medical director admitted under oath that he never read patients' medical records.Ron Wyden of Oregon, the ranking member of the Senate Finance Committee, and Patty Murray of Washington, the ranking member of the Senate Health Committee, fired off a joint letter to Bertolini this week, saying the medical director's comments raise serious concerns about Aetna's claims review process and whether the insurance giant has broken federal law. They asked the company to respond to the letter by March 20."Using medical records is a fundamental responsibility of health insurers when they review health claims," Wyden said in a statement. "Something is gravely wrong if a leading insurance company is failing to use this basic information at the expense of families' health and peace of mind." 906

VALLEY CENTER, Calif. (KGTV) -- Two people died early Sunday morning after a wrong-way driver crashed head-on into another vehicle shortly after a pursuit.The incident began when Valley Center Sheriff’s Deputies located a Honda Accord reported stolen out of Escondido.Deputies began pursuing the vehicle but, due to weather conditions and speed, decided to end the pursuit.RELATED: CHP investigates scene of fatal wrong-way crash on I-5 off-rampAuthorities continued to track the suspect using areal support. Shortly after the chase, the suspect drove into oncoming traffic, crashing head-on with a compact vehicle on Valley Center Road and Rocky Top Lane.The driver and a passenger inside the suspect’s vehicle were pronounced dead while a third suspect was taken to the hospital.RELATED: Driver arrested on suspicion of DUI after wrong-way crash on San Diego roadA victim in the compact vehicle struck by the wrong-way driver was taken to the hospital. Their condition is unknown. 1005
Tropical Storm Beta has made landfall on the Gulf Coast of Texas, bringing heavy rain and threats of flooding to the Lone Star state. At least two dozen water rescues were reported in Houston early Tuesday morning. The center of Beta crossed over the southern end of the Matagorda Peninsula at about midnight ET on Tuesday, according to the National Hurricane Center. The storm is expected to follow the shoreline of the Texas Gulf Coast throughout the day on Tuesday and into Wednesday.Flash flood and flood warnings are in effect for areas around Houston and the Texas coast, according to the National Weather Service. 629
TULSA, Okla. — An Oklahoma woman has faced terrifying health scares over the last year from a tick bite. Nancy Phelps' tongue and face have swollen up many times. She has also spent countless hours in the hospital because she could not breathe. She learned it is all because she was bit by a Lonestar Tick while she was playing with her grandkids in her yard in the spring of 2017."They fall off trees," Phelps said. "They're out in the grass." She started seeing symptoms lke rashes and having stomach problems early on. Phelps thought it was random.Then in the fall, she started going into anaphylactic shock, meaning she could not breathe because of an allergic reaction. "Within about a week time, I was in the emergency room with anaphylaxis eight different times," Phelps said. Several doctors later, Phelps learned that tick bite gave her the Alpha Gal Allergy. It causes an allergic reaction to all mammal-based products."They could feed on an infected animal, get a parasite that then when they feed on a human that human could be infected," said Luisa Krug, the epidemiology supervisor for the Tulsa County Health Department. The CDC said this week that diseases caused by infected ticks, fleas and mosquitoes have tripled in the last 13 years. More than 640,000 cases have been reported. When Phelps consumes mammal bi-products or is around them, she has a severe allergic reaction. Her face and tongue start swelling up. She said she has to inject herself with an Epi-Pen once every one to two weeks. "Anything boxed, in cans, anything you would typically buy off the shelf," Phelps listed what she cannot eat. "Pizza...I didn't realize I liked pizza so much, but those kinds of things are non-existent anymore."Her allergy is so bad that she even has to worry about cross-contamination. Phelp said she bought all new pots for her home. Eating out is nearly impossible now. She has to show restaurants a document she keeps on her phone that lists what she can and cannot consume. Phelps can no longer take gel cap pills, because they are made with animal bi-products. Make up, toiletries, laundry and dishwashing soaps and certain clothing are also a problem.Phelps wants others to take note of her story and take serious precautions. "It's avoidance and being aware of our surroundings," Phelps said.The health department suggests wearing long sleeves and pants outside to avoid being bitten by bugs. They also suggest using a bug spray with deet in it. 2570
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