Probably not entirely based on The fallout from Tumblr’s porn ban | The Verge... Also see New Verizon execs say old Verizon execs made a $5 billion mistake betting on AOL and Yahoo | Recode
"The move will erase almost half the value of the division it had been calling Oath, which houses AOL, Yahoo and other businesses like the Huffington Post.Verizon Admits Defeat With $4.6 Billion AOL-Yahoo Writedown | Bloomberg
“The hype of Oath has been over for some time,” Wells Fargo analyst Jennifer Fritzsche said in a note Tuesday. She likened the writedown to “ripping off the Oath band-aid.”
The episode offered a silver lining for investors. Rather than attempt a megadeal like AT&T Inc.’s $85 billion acquisition of Time Warner Inc., Verizon only spent about $9.5 billion in the past three years buying fading web giants. Though the bet hasn’t paid off, it at least stumbled on a smaller scale."