Verizon sells Yahoo, AOL for US$5b
Print Edition
Verizon yesterday announced the sale of its media division to Apollo Global Management for US$5 billion, creating a new company that will be known by one of the iconic brands of the Internet age: Yahoo.
Verizon will retain a 10 percent stake in the company, which will continue to be led by CEO Guru Gowrappan, the company said in a statement.
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 US$4.25 billion in cash, preferred interests of US$750 million and the minority stake. The transaction includes the assets of Verizon Media, including its brands and businesses such as Yahoo and AOL. It is expected to close in the second half of the year.
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