According to Reuters, Verizon Communications announced on Monday that it would restructure its business into a consumer, business and Verizon Media Group.
Previously, the largest U.S. wireless operator operated in two parts: wireless and wired, including its Fios Internet and video products.
Hans Vestberg, CEO of the company, said in a statement that these changes would take effect from January 1, 2019 and "optimize our growth opportunities as leaders of the 5G era".
The company said the new Verizon Media Group division would be at the crossroads of media, advertising and technology and would be led by Guru Gowrappan, who had previously been declared chief executive of Oath, a digital media umbrella including Yahoo and AOL.
Verizon said it expects to release financial data under the new structure in the second quarter of 2019.
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