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Verizon sells Yahoo and AOL as part of $5 billion deal

2021-05-03 17:59 by
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Verizon has sold its AOL and Yahoo properties to Apollo Global Management in a deal said to be worth $5 billion, about half of the nearly $9 billion Verizon originally paid for the pair. Verizon bought AOL in 2015 for $4.4 billion, and Yahoo for $4.5 billion in 2017. Both deals added up to a media experiment that challenged Verizon with revitalizing two struggling yet iconic brands.

Verizon will maintain a 10 percent stake in the company, now known as Yahoo and led by CEO Guru Gowrappan. The deal is still subject to closing conditions. Once complete, it'll bring an end to Verizon's troubled experiment with media production and advertising.

"Verizon Media has done an incredible job turning the business around over the past two and a half years and the growth potential is enormous," Verizon CEO Hans Vestberg said. "The next iteration requires full investment and the right resources. During the strategic review process, Apollo delivered the strongest vision and strategy for the next phase of Verizon Media. I have full confidence that Yahoo will take off in its new home."

Over the last two years, Verizon's focus has narrowed as the company builds out its 5G Ultra-Wideband and nationwide network, but the media business remains viable. In Verizon's most recent earning report, Verizon Media reported revenue of $1.9 billion in the first quarter, up 10.4% from a year ago.

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