Marquee media groups being purchased in the deal include Engadget, TechCrunch, and Yahoo Finance. Other notable products in the sale include AOL's dial-up internet customer base, Yahoo Mail, and the Yahoo portal homepage.
"We are big believers in the growth prospects of Yahoo," Apollo senior partner and co-head of private equity David Sambur said in the announcement.
Verizon originally purchased AOL back in May 2015 for $4.4 billion, and Yahoo in July 2016 for $4.83 billion — making the sale of both companies for $5 billion about a 50% overall loss. The two companies were temporarily known as "Oath," an umbrella unit within Verizon that included AOL and Yahoo. It was later rebranded as Verizon Media Group.