Verizon expects to write down the value of its Oath business by $4.6 billion in the fourth quarter of 2018.

In an SEC filing on Tuesday, Verizon stated the expected writedown is the result of competitive pressures in the digital ad business and an integration between Yahoo and AOL that never achieved the benefits Verizon previously anticipated. Oath's goodwill balance, an accounting measure that reflects the intangible value of an acquisition

"The new leadership at both Oath and Verizon completed a comprehensive five-year strategic planning review of Oath’s business prospects resulting in unfavorable adjustments to Oath’s financial projections," Verizon stated in an 8-K filing.