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Updated:
May 05, 2021 20:18 IST
Verizon has been shedding media assets as it refocuses on wireless, spending billions on licensing the airwaves needed for the next generation of faster mobile service, called 5G
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Verizon said Monday that it will keep a 10% stake in the new company, which will be called Yahoo.
| Photo Credit: Reuters
Verizon has been shedding media assets as it refocuses on wireless, spending billions on licensing the airwaves needed for the next generation of faster mobile service, called 5G
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03 May 2021, 09:05 pm
Verizon forgoes its media arm, Yahoo and AOL to Apollo Global Management, the equity group that acquired the operation of Venetian Las Vegas. The early internet rockstars were sold at $5 billion, the company announced.
The equity firm now owns the 90 percent share of both brands, now collectively rebranded as Yahoo, sans the exclamation mark. Accordingly, Verizon will be able to keep what is left of the deal, a 10 percent stake of the renamed company.
(Photo : Wikimedia Commons) Verizon forgoes its media arm, Yahoo and AOL to Apollo Global Management
Despite these falling numbers, Yahoo and AOL still boast a good revenue stream in the first quarter of 2021 at $1.9 billion. It is a 10 percent increase from last year, as reported by The New York Times.