Technology

Verizon to Sell Yahoo, AOL for $5 Billion to Apollo Global

This means Verizon is throwing in the towel on its content business which it required several years ago.

VerizonVerizon to Sell Yahoo, AOL for $5 Billion to Apollo Global - OyeYeah News
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Verizon to Sell Yahoo, AOL Businesses for $5 Billion to Apollo Global!

Verizon announces plans to offload Verizon Media which encompasses the AOL and Yahoo brands in a $5 billion deal.

The deal with private equity firm Apollo Global Management to sell Verizon Media was announced by telco on Monday.

While Verizon will retain a 10% stake in the company.

Under the new ownership, the new company will be known as “Yahoo” and will continue to be led by Verizon Media CEO Guru Gowrappan.

“We are excited to be joining forces with Apollo,” CEO Gowrappan said in a statement.

“With Apollo’s sector expertise and strategic insight, Yahoo will be well-positioned to capitalize on market opportunities, media, and transaction experience and continue to grow our full-stack digital advertising platform. This transition will help to accelerate our growth for the long-term success of the company,” the statement added.

the authorSaman Siddiqui
Saman Siddiqui, A freelance journalist with a Master’s Degree in Mass Communication and MS in Peace and Conflict Studies. Associated with the media industry since 2006. Experience in various capacities including Program Host, Researcher, News Producer, Documentary Making, Voice Over, Content Writing Copy Editing, and Blogging, and currently associated with OyeYeah since 2018, working as an Editor.