To: Hans (Mr. Vestberg? Boss?)
RE: An Epic opportunity
We wanted to jot down this memo to pitch a deal that could remake Verizon’s fortunes in the media business.
Every major carrier and internet provider has staked out a huge piece of real estate in the entertainment world with the exception of Verizon (the parent of TechCrunch’s parent company). Over the past few years, the world of entertainment has been turned upside down by the $71.3 billion acquisition of 21st Century Fox by Disney; and before that it was the $84 billion deal that brought Time Warner and its assets under the AT&T umbrella.
New players like Netflix, Amazon and Apple opened a window into the wide world of moneymaking that awaited winning entertainment platforms based in technology — or adjacent to technology platforms. And let’s not get started on YouTube, which created whole new genres of entertainment and an entirely new celebrity-making machine.
Verizon has made a couple of bids in the content space for dollars and eyeballs. There was the costly $1 billion go90 bet — Quibi knows it’s hard out there for a mobile-first network play. And only slices of the Verizon Media Group (the company formerly known as Oath, which was formerly known as Yahoo-AOL) are even focused on entertainment — it’s mostly news, over here.