Verizon sells Yahoo and AOL on a USD 5 billion deal

Image credit: Verizon

Verizon has announced that it’s sold off its Verizon Media business in a deal worth roughly $5 billion to  Apollo Global Management.

The new owners confirmed that Verizon Media will now be called Yahoo as a result of the transaction.

Verizon is getting $4.25 billion in cash with $750 million in preferred interests, however, they will still maintain a 10% stake in Verizon Media.

The deal is expected to close and be finished by the second half of 2021.

Verizon Media is formed by Yahoo, AOL, ADTECH, and various technology and media companies. Verizon acquired AOL in a deal worth $4.4 billion in 2015, while Yahoo was acquired in a deal eventually worth $4.4 billion in 2017.

This news is the latest sign that Verizon is getting out of the media business.

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