Home » Verizon sells Yahoo, AOL businesses for $5 billion to Apollo
General News

Verizon sells Yahoo, AOL businesses for $5 billion to Apollo

Verizon selling internet trailblazers Yahoo, AOL for $5 billion



As part of the deal, Verizon will sell Verizon Media, which includes Yahoo and AOL, to Apollo Global Management.

AOL and Yahoo are being sold again, this time to a private equity firm.

Verizon will sell Verizon Media, which consists of the pioneering tech platforms, to Apollo Global Management in a $5 billion deal.

Verizon said Monday that it will keep a 10% stake in the new company, which will be called Yahoo.

Yahoo at the end of the last century was the face of the internet, preceding the behemoth tech platforms to follow, such as Google. And AOL was the portal, bringing almost every early adaptor to laptops online.

As part of the deal, Verizon will receive $4.25 billion in cash, preferred interests of $750 million and the minority stake. The transaction includes the assets of Verizon Media, including its brands and businesses such as Yahoo and AOL.

The deal is expected to close in the second half of the year.



Source link

About the author

admin

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *