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

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.