Private equity firm Apollo Global Management has acquired Verizon’s media conglomerate for $ 5 billion for both companies Announced Monday.
Verizon Media, which features properties from the former Internet empires of AOL and Yahoo, will be rewritten as “Yahoo”. Verizon said it would hold a 10 percent stake in the company.
Sales include online news outlets TechCrunch, Yahoo Finance and Engadget and others. Apollo and Verizon said they expected sales to close in the second half of 2021.
Verizon is cutting its losses on its media businesses, with the deal also valuing the business at lower prices than Verizon a few years ago. Verizon bought AOL for $ 4.4 billion in 2015 and in 2017 it bought Yahoo for $ 4.5 billion.
“We hold great faith in Yahoo’s growth prospects and the growth of digital media, advertising technology and driving in consumer Internet platforms,” David Sambur, co-head of private equity at Apollo, said in a statement. “Apollo has a long track record of investing in technology and media companies and we look forward to pulling that experience to help thrill Yahoo.”
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