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In today’s ExchangeWire news digest: Verizon sell of their media division, which includes AOL and Yahoo, for USD $5bn; Matterkind and MAGNA launch Matterkind News Marketplace, a new contextual solution for news publishers; and advertising on streaming platforms grows amid a surge in global viewership.
Verizon sell media division for USD $5bn
Verizon will sell off their media division, which includes former internet titans AOL and Yahoo, to private equity firm Apollo Global Management. The deal, worth USD $5bn (£3.6bn), will see Verizon maintain a 10% stake in the unit, which will be rebranded as simply “Yahoo”.
Alongside the retained shares, Verizon will receive USD $4.25bn (£3.1bn) in cash for the group, although it’s reported that some of the companies within the portfolio, including well-known online brands TechCrunch, Yahoo Finance, and Endgadget, are being released for less than they would have accrued even a few years ago.