Verizon Communications Inc.'s VZ, -0.39% media group is laying off 7% of its staff, according to a report in The Wall Street Journal, which cited people familiar with the matter. Verizon shares gained 1.3% in afteroon trade Wednesday. The job cuts come following a months-long review of its business, and are aimed at focusing the media group on fewer areas, such as mobile and video-focused products. Verizon's media group had 11,385 employees at the end of 2018, the WSJ reported, down from 12,845 employees after Verizon bought Yahoo's operating business in June 2017. Verizon's stock has edged up 0.9% over the past three months, while the Dow Jones Industrial Average DJIA, -0.87% has slipped 2.6%.