The 'media business' (in terms of revenue) was not so much about creating and selling media as it was bundling and selling information about the people who viewed the media. It is a business model that is falling in disrepute (Facebook) and other tech giants (IBM, Apple) are publicly speaking out on the lack of controls and known scandals.
Speaking of IBM, Am I remembering correctly that Verizon had purchased a large advertising business from IBM just a few years ago? I have to wonder if they saw the writing on the wall.