Verizon to Sell Yahoo, AOL Business to Apollo for $5 Billion
Verizon Communications said on Monday it has agreed to sell its media unit, that includes Yahoo and AOL, to Apollo Global Management Inc for $5 billion, as it looks to offload its digital media business.
As per the deal terms, Verizon will get $4.25 billion in cash, preferred interests of $750 million, and retain a 10 percent stake in Verizon Media.
Verizon Media's portfolio includes online brands such as TechCrunch, Makers, Ryot, and Flurry, according to its website.
In 2017, Verizon bought Yahoo's Internet properties for about $4.48 billion, betting its 1 billion-plus users would be a fertile audience for online ads. It acquired email service AOL for $4.4 billion in 2015.
The business will be called Yahoo when the deal closes, which is expected in the second half of 2021, the company said.