Verizon on Monday struck a deal to sell its media conglomerate, known as Verizon Media, to private-equity firm Apollo Global Management for $ 5 billion. Verizon Media includes brands Yahoo and AOL as well as advertising technology and media platform businesses.
Verizon will hold a 10% stake in the company, called Yahoo, and will be led by Guru Gowrappan, CEO of Verizon Media.
Gowrappan said in a press release, “With Apollo’s expertise and strategic insights in the field, Yahoo will be well positioned to capitalize on market opportunities, media and transaction experience and further enhance our full stack digital advertising platform will increase.” “This transition will help accelerate our growth for the company’s long-term success.”
Verizon acquired AOL in 2015 andAbout $ 9 billion paid for the pair. In 2017, Verizon merged AOL and Yahoo into its business, allowing the media department dubbed Oath which was later reintroduced into Verizon Media.
Last week, the Wall Street Journal reported that Verizon wanted to sell the brands as it exited the digital media business. Verizon Media sold the Huffington Post to BuzzFeed in November 2020.
The deal with Apollo is expected to close in the second half of 2021.