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Earlier this week, Verizon announced it is selling AOL and Yahoo to private equity group Apollo for a hefty $5 billion. This news should come as no surprise.

Verizon Communications is getting rid of its media businesses that include iconic brands Yahoo and AOL for US$5 billion, ending an expensive and unsuccessful run in the media and advertising world. Despite spending more than a decade and billions of dollars acquiring a stable of internet brands, the New York-based telecom company has struggled to make headway in a highly competitive internet advertising space dominated by Facebook Inc and Google and has focused its resources on developing 5G. Having written US$4.6 billion off the value of the businesses in 2018, Verizon will get just US$4.25 ...

Verizon will keep a 10% stake in the company and it will be rebranded to just Yahoo. The sale will see online media brands under the former Yahoo and AOL umbrellas like TechCrunch, Yahoo Finance and Engadget go to Apollo at much lower valuations than they commanded just a few years ago. Verizon bought AOL for $4.4 billion in 2015 and Yahoo two years later for $4.5 billion. Verizon will get $4.25 billion in cash from the sale along with its 10% stake in the company. Verizon and Apollo said they expect the transaction to close in the second half of 2021. There has been increasing evidence recen...

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Internet trailblazers Yahoo, AOL sold, again, for US$5 billion Toggle share menu Advertisement AOL Yahoo Sale Share this content Bookmark SUNNYVALE, California: AOL and Yahoo are being sold again, this time to a private equity firm. Verizon will sell Verizon Media, which consists of the pioneering tech platforms, to Apollo Global Management in a US$5 billion deal. Advertisement Advertisement Verizon said Monday (May 3) that it will keep a 10 per cent stake in the new company, which will be called Yahoo. Yahoo at the end of the last century was the face of the I...