Verizon sells internet trailblazers Yahoo and AOL for $5B
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MICHELLE CHAPMAN and TALI ARBEL, AP Business Writers
May 3, 2021
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AOL and Yahoo are being sold again, this time to a private equity firm.Michael Probst, STF / Associated PressShow MoreShow Less
2of6FILE - The Yahoo logo is displayed outside of offices in Santa Clara, Calif., in this Monday, April 18, 2011, file photo. Verizon is selling the segment of its business that includes Yahoo and AOL to private equity firm Apollo Global Management in a $5 billion deal. Verizon said Monday, May 3, 2021, that it will keep a 10% stake in the new company, which will be called Yahoo.Paul Sakuma/APShow MoreShow Less
Story
Verizon quits digital ad space, sells Yahoo and AOL to Apollo for half of what it paid for them
Verizon and Apollo have announced a deal for the former s digital media businesses, which were previously under Yahoo and AOL. The deal will see Verizon quitting the digital advertising space for good and focus on its internet provider businesses.
Sarthak Dogra | May 3, 2021 | Updated 20:52 IST
(Image: Reuters)
Highlights
Verizon will get $4.25 billion in cash along with its 10 per cent stake in the company.
The conglomerate will be rebranded as Yahoo post the acquisition by Apollo.
The companies expect to close the deal by the second half of this year.