Verizon to sell media business, including Yahoo, AOL to Apollo for $5 billion By Reuters

© Reuters. FILE PHOTO: The Verizon logo is seen on the side of a truck in New York

(Reuters) -Verizon Communications Inc said on Monday it has agreed to sell its media unit, that includes Yahoo and AOL, to Apollo Global Management (NYSE:) Inc for $5 billion, as it looks to offload its digital media business.

Verizon (NYSE:) has struggled to grow its media business, declaring them nearly worthless with a $4.6 billion write-down in 2018. Bigger players such as Facebook (NASDAQ:) and Google (NASDAQ:) have sweeped the digital advertising market.

Verizon will get $4.25 billion in cash, preferred interests of $750 million and retain a 10% stake in Verizon Media, as part of the deal terms.

The business will be called Yahoo when the deal closes, which is expected in the second half of 2021, the company said.

Verizon Media’s portfolio includes online brands such as TechCrunch, Makers, Ryot and Flurry, according to its website. It reported revenue of $1.9 billion in the first quarter of 2021.

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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*