HuffPost anchor Caroline Modarressy-Tehrani appears at the 2019 Verizon Media NewFront on April 30, 2019 in New York City.


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Verizon has been quietly scrambling to unload HuffPost as it grapples with continued losses at the left-leaning news and culture website, The Post has learned. 

The telecom giant — which acquired the site formerly known as the Huffington Post as part of its $4.4 billion purchase of AOL in 2015 — has approached multiple digital-media companies during the past few months in a bid to get the property off its books as losses accelerate due to the coronavirus, according to sources close to the situation.

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has pitched the property to prospective buyers including Thrillist-owner Group Nine Media, Rolling Stone publisher Penske Media Corp., Bustle Digital Media and J2 Global, insiders said. Those media outlets declined to comment.

Vox Media, which owns New York Magazine and operates news and political site Vox as well as tech news sites Recode and The Verge, is among the media outlets to have held talks to acquire HuffPost. Some sources have described those talks as “serious,” but sources close to Vox, while acknowledging they have taken a look, say they are not interested in buying the property.

Even Group Nine — whose CEO is Ben Lerer, the son of Huffington Post co-founder Ken Lerer — took a pass, according to a source close to the situation.

“This thing loses so much money,” a digital media executive with knowledge of the financials said. “It’s such a mess, I wouldn’t touch it with a 10-foot pole. I don’t think there’s any way you can make money.”

People briefed on the talks said Verizon, headed by CEO Hans Vestberg, appears to be seeking to offload HuffPost to a buyer willing to take a knife

Adds earnings impact, background

TOKYO, Sept 29 (Reuters)Toshiba Corp 6502.T on Tuesday said it will exit the money-losing system LSI chip business as the Japanese conglomerate aims to boost the group’s profit margins.

The chip business includes image recognition processors supplied to Toyota Motor Corp 7203.T, although Toshiba said it would continue sales and support operations for existing customers.

Toshiba plans to relocate or offer early retirement options to 770 employees at its system LSI business, a step that will cost the Japanese company 11.8 billion yen ($111.77 million) but has already been factored in its earnings outlook. However, its power management chip business will be retained.

The company said in a statement it decided to withdraw and “establish a solid business structure not easily affected by market fluctuations; one that is sustainable even during the continuing U.S.-China trade conflict.”

Toshiba sold its prized flash memory business, now Kioxia Holdings Corp 6600.T, to a consortium led by Bain Capital for $18 billion yen in 2018 as it scrambled to plug a financial hole caused by the failure of its U.S. nuclear power unit.

Kioxia on Monday shelved plans for what would have been Japan’s largest initial public offering (IPO) this year, as U.S-China tensions cloud the global chip market.

(Reporting by Makiko Yamazaki; Editing by Kim Coghill and Sherry Jacob-Phillips)

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TOKYO (Reuters) – Toshiba Corp on Tuesday said it will exit the money-losing system LSI chip business as the Japanese conglomerate aims to boost the group’s profit margins.

The chip business includes image recognition processors supplied to Toyota Motor Corp, although Toshiba said it would continue sales and support operations for existing customers.

Toshiba plans to relocate or offer early retirement options to 770 employees at its system LSI business, a step that will cost the Japanese company 11.8 billion yen ($111.77 million) but has already been factored in its earnings outlook. However, its power management chip business will be retained.

The company said in a statement it decided to withdraw and “establish a solid business structure not easily affected by market fluctuations; one that is sustainable even during the continuing U.S.-China trade conflict.”

Toshiba sold its prized flash memory business, now Kioxia Holdings Corp, to a consortium led by Bain Capital for $18 billion yen in 2018 as it scrambled to plug a financial hole caused by the failure of its U.S. nuclear power unit.

Kioxia on Monday shelved plans for what would have been Japan’s largest initial public offering (IPO) this year, as U.S-China tensions cloud the global chip market.

(Reporting by Makiko Yamazaki; Editing by Kim Coghill and Sherry Jacob-Phillips)

Copyright 2020 Thomson Reuters.

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