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 is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.