New York (CNN Business) Verizon just admitted that the brand value of its media company, Oath, is almost nothing.

Verizon ( VZ ) announced Tuesday that it would take a $4.6 billion writedown on Oath, which includes Yahoo and AOL.

Oath's brand value is now just $200 million, according to Verizon. That's a stunning decrease in value since it formed in 2017. Verizon said Oath's brand was worth $4.8 billion when it last accounted for the company's goodwill valuation. A goodwill valuation encompasses a company's brand value and reputation.

With virtually no goodwill brand value, Oath's overall value (assets and goodwill) is now worth half of what it was a few years ago.

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