Telstra to write down $273m

Company News

by Jessica Amir

Telstra (ASX:TLS) is going to write down the entire value of its US-based intelligent video business, Ooyala to zero and also write down $273 million.

Telstra made the assessment after reviewing its half-year ending 31 December 2017.

The telco increased its stake in Ooyala in 2014 for its broadcasters and company clients, but it noticed changing market dynamics 18 months ago and impaired the business at the time of its 2016 results.

The impairment or write down is for goodwill and other non-current assets.

Shares in Telstra (ASX:TLS) are trading down 0.3 lower to $3.63
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.