The sale is expected to close in H2 2021.
Verizon has announced the sale of Verizon Media’s AOL and Yahoo for $5 billion to Apollo Global Management, a private equity firm with a portfolio that includes ADT and Hostess Brands. Verizon will retain a 10% stake in Verizon Media and collect $4.25 billion in cash, plus $750 million in preferred interests, as part of the transaction.
The company paid $4.4 billion for AOL in 2015 and $4.48 billion for Yahoo in 2017. Guru Gowrappan, Verizon Media CEO said, Apollo’s sector expertise and strategic insights will help Yahoo capitalise on market opportunities, media and transaction experience.
Verizon’s stock increased 0.54% to $58.10 per share, in pre-market trading. The Verizon Media group also includes companies like TechCrunch, Endgadget, Yahoo Mail, Yahoo News, Yahoo Finance and Autoblog.
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