Verizon sells Yahoo and AOL to Apollo for $5 billion

Verizon Sells Yahoo and AOL to Apollo for $5 Billion.The companies made the announcement May 3.Apollo will acquire online media brands such as TechCrunch, Yahoo Finance and Engadget, which were under the former AOL and Yahoo umbrellas.Verizon will receive $4.25 billion in cash and maintain a 10% stake in the company that will be rebranded as Yahoo.The sale indicates that Verizon is shifting its focus away from media to wireless networks and other internet-related businesses.In a similar move last year, the wireless company offloaded HuffPost to BuzzFeed.Both companies expect the sale to be completed in the second half of 2021