Looking to get into the world of communications stocks? You might find this interesting: Just three months after finalizing the data-breach plagued acquisition of Yahoo, Verizon (NYSE:$VZ) CEO Lowell McAdam has announced that additional content deals are possible in the near-future.
“Well, I wouldn’t be surprised if sometime before the end of September you heard about one of them,” McAdam announced on Thursday. Further, McAdam said that Verizon has “moved on” from the possibility of acquiring a cable company like Charter Communications (NASDAQ:$CHTR).
For those who don’t know, Verizon is looking to triple sales from its media businesses over the next few years to roughly $20 billion. In order to do that, the New York-based company has been investing heavily in the advertising technologies that it acquired when it purchased AOL Inc. last year. They also finalized the purchase of Yahoo in June.
Both companies have been turned into Oath, which is a unit that includes 50 media and tech brands such as HuffPost as well as an ad technology business run by Tim Armstrong, the former AOL chief executive who spent the start of his career at Google (NASDAQ:$GOOGL).
Interestingly, McAdam also said that while Verizon has no plans to overtake Google, it can pump off some market share from the globe’s top recipient of digital advertising.
“Look, we’re not here saying we’re going to slay Google,” CEO McAdams said, “But that market, you look at Facebook’s (NASDAQ:$FB) numbers, Google, that market’s growing pretty well.”
As of right now, Verizon’s digital ad sales are roughly $7 billion a year. Additionally, McAdams said that Verizon has the potential to hit $10 billion by the year 2020, and Armstrong puts the company’s target at $20 million.
Featured Image: twitter
