Verizon Media Sold to Apollo Funds
8 hours ago
Following reports Verizon was exploring a sale of Yahoo and AOL, its Verizon Media business is being sold to Apollo Funds.
Verizon purchased Yahoo and AOL, both pioneers among the early internet companies. Although both had since fallen on hard times, the two brands still had large, loyal followings. Verizon’s goal was to build an advertising business that could rival Google and Facebook.
Unfortunately, the advertising business proved more difficult for Verizon to crack than it planned. Over the last several years, the company has been selling off some of its media properties, with Yahoo and AOL being the final piece. Apollo Funds has agreed to purchase Verizon Media for $5 billion. The new company will be known as Yahoo, and Verizon will maintain a 10% stake in it.
Verizon Media sold to private equity firm for US$5bn, to be renamed Yahoo Details 03 May 2021
Verizon Communications is selling Verizon Media to private equity firm Apollo Global Management for US$5 billion. Verizon will retain a 10% stake in the new company, which will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan. Verizon Media comprises iconic brands such as Yahoo and AOL, as well as adtech and media platform businesses.
According to Verizon, the sale will allow Verizon Media to aggressively pursue growth areas and stands to benefit its employees, advertisers, publishing partners and nearly 900 million monthly active users worldwide. Under the terms of the agreement, Verizon will receive US$4.25 billion in cash and preferred interests of US$750 million. News of a potential sale for Verizon Media first surfaced last week, after its parent company failed to grow the business to compet
Verizon To Sell Yahoo, AOL For $5 Bn To Private Equity Firm
05/03/21 AT 8:45 AM
Verizon announced Monday it was selling faded internet stars Yahoo and AOL to a private equity firm for $5 billion, ending the media ambitions of the telecoms giant.
The deal with Apollo Global Management also includes the entire Verizon Media unit, including the advertising tech operations of the two brands.
Verizon will retain a 10 percent stake in the company, which will continue to be led by chief executive Guru Gowrappan, the company said in a statement.
Verizon acquired Yahoo in 2017 for some $4.5 billion, ending the run for one of the storied brands of the early internet. It merged Yahoo into its division with AOL, another star of the early internet era, which Verizon acquired in 2015.
Verizon (NYSE: VZ) and
Apollo Global Management, Inc. (NYSE: APO)announced that funds managed by affiliates of apollo have entered into an agreement to acquire Verizon Media for USD 5 Billion. Verizon reported that it will retain a 10% stake in the company, known as Yahoo at close of the transaction and will continue to be led by CEO Guru Gowrappan. This transaction will allow Verizon Media to rapidly pursue growth areas, benefit its employees, advertisers, publishing partners and its millions of monthly active users worldwide. “We are excited to be joining forces with Apollo,” said Guru Gowrappan, CEO, Verizon Media. “The past two quarters of double-digit growth have demonstrated our ability to transform our media ecosystem. With Apollo’s sector expertise and strategic insight, Yahoo will be well positioned to capitalize on market opportunities, media and transaction experience and continue to grow our full stack digital advertising platform. This transition will help
Private equity firm Apollo to buy Verizon Media assets for $5B, will rename business ‘Yahoo’
Following several days of negotiation and rumors, Verizon today announced that it has entered an agreement to sell its media assets to private equity firm Apollo Global Management for $5 billion. Apollo will be paying Verizon $4.25 billion in cash, along with preferred interests of $750 million, and Verizon will keep 10% of the company.
The new company, when the deal is complete, will be known simply as Yahoo, and it will continue to be led by current CEO Guru Gowrappan and from what we understand the plan involves pursuing opportunities across content, commerce and betting. The division’s existing footprint spreads across a variety of internet brands, publishing (including us, TechCrunch) and advertising.