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Verizon’s media group to be acquired by Apollo in $5B deal
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Verizon Communications Inc. has inked a $5 billion deal to sell its media group, which includes major online properties such as Yahoo Finance, to private equity firm Apollo Global Management.
The sale was announced this morning. Under the terms of the transaction, Verizon is set to receive $4.25 billion in cash along with a 10% stake in the new company that Apollo intends to form from the media assets changing hands.
Verizon’s media business mostly comprises assets that the company obtained through its purchase of AOL in 2015 and Yahoo in 2017. Through the AOL deal, Verizon acquired major digital publications such as HuffPost, TechCrunch and Engadget, along with a sizable programmatic advertising business that helps brands purchase online ad real-estate. The Yahoo acquisition, in turn, bought the carrier control of the fourth most visited internet property globally.