Verizon is selling AOL andYahoo for $5 billion.- The new owner is private equity firm
Apollo Global Management . - Going forward, AOL and Yahoo will be known solely as Yahoo.
After just over five years of ownership, Verizon has sold its ownership stake in Yahoo and AOL for $5 billion, the telecom giant announced on Monday morning.
The new company formed by AOL and Yahoo will be known solely as Yahoo, and the new owner is private equity firm
Marquee
"We are big believers in the growth prospects of Yahoo," Apollo senior partner and co-head of private equity David Sambur $4
Verizon $4 back in May 2015 for $4.4 billion, and $4 - making the sale of both companies for $5 billion about a 50% overall loss. The two companies were $4 an umbrella unit within Verizon that included AOL and Yahoo. It was later $4.
Verizon $4 in late 2020, which it acquired in its purchase of AOL, to Buzzfeed.
The telecoms giant has struggled to turn a profit with AOL and Yahoo, and was $4. With the sale, Verizon is officially exiting the media business, though it maintains minority stakes in a variety of media organizations - including a 10% stake in the new version of Yahoo.
Prior to the acquisition
Apollo and Verizon expect the deal to close in the second half of this year.
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