Story
Verizon quits digital ad space, sells Yahoo and AOL to Apollo for half of what it paid for them
Verizon and Apollo have announced a deal for the former s digital media businesses, which were previously under Yahoo and AOL. The deal will see Verizon quitting the digital advertising space for good and focus on its internet provider businesses.
Sarthak Dogra | May 3, 2021 | Updated 20:52 IST
(Image: Reuters)
Highlights
Verizon will get $4.25 billion in cash along with its 10 per cent stake in the company.
The conglomerate will be rebranded as Yahoo post the acquisition by Apollo.
The companies expect to close the deal by the second half of this year.