Apollo Buys Yahoo, AOL From Verizon for $5 Billion
May 03 2021 - 7:58AM
Dow Jones News
By Micah Maidenberg
Apollo Global Management Inc. agreed to pay about $5 billion to
acquire Yahoo and AOL from Verizon Communications Inc. as the
wireless giant exits its ill-fated foray into the media
business.
The private-equity firm is paying $4.25 billion in cash for a
majority stake in the media assets and providing Verizon with
interests in the businesses totaling $750 million. In addition,
Verizon will keep a 10% stake in a new company, called Yahoo, that
will be formed to operate the business.
The Wall Street Journal earlier reported Apollo's interest in
Verizon Media's business, which mostly struggled to grow against
Google and Facebook Inc. Verizon Media had about $7 billion in
revenue last year.
Ben Mullin, Miriam Gottfried and Drew FitzGerald contributed to
this article
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
May 03, 2021 08:43 ET (12:43 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Verizon Communications (NYSE:VZ)
Historical Stock Chart
From Apr 2024 to May 2024
Verizon Communications (NYSE:VZ)
Historical Stock Chart
From May 2023 to May 2024