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Photo: David Ramos (Getty Images) Verizon’s officially selling off its media assets to the private equity firm Apollo Global for $5 billion, the company announced on Monday. Alongside that bundle of cash, Verizon will also be keeping a 10% stake in the company, which will simply be renamed no joke Yahoo. Advertisement It’s a bit of a fall from grace for Verizon, which will be selling off the media brands under the former AOL and Yahoo umbrellas like TechCrunch and Engadget for markedly less than it paid for them. Verizon initially poured $4.4 billion dollars into buying AOL back in 2015, before buying out Yahoo for roughly the same sum two years later. As the Wall Street Journal points out, the goal here was to resurrect these brands and bring them the sort of traffic they had in their heyday. By all accounts, Verizon pretty much failed.

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