Internet trailblazers Yahoo, AOL sold, again, 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
AOL and Yahoo are being sold again, this time to a private equity firm.
Verizon will sell Verizon Media, which consists of the pioneering tech platforms, to Apollo Global Management in a $5 billion deal.
Verizon said Monday that it will keep a 10% stake in the new company, which will be called Yahoo.
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 $4.25 billion in cash, preferred interests of $750 million and the minority stake. The transaction includes the assets of Verizon Media, including its brands and businesses such as Yahoo and AOL.
The deal is expected to close in the second half of the year.