VERIZON OKAYS SALE OF YAHOO, AOL TO APOLLO FOR $5B

By The Financial District
May 4, 2021
1 min read

Verizon will sell Yahoo and AOL for $5 billion, giving up on its digital-media ambitions in the face of competition from Google and Facebook.

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On Monday, Verizon Communications indicated it was abandoning its media business and announced it has agreed to sell Yahoo and AOL to the private equity firm Apollo Global Management for $5 billion, the New York Times reported.

The sale includes Verizon’s advertising technology business as well, but the company will retain a 10 percent stake in the business, Verizon said in a statement announcing the deal.

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Last week, Wall Street Journal reported that Verizon was exploring a sale of its media assets, which include Yahoo and AOL.

Verizon has struggled to grow its media properties, declaring them nearly worthless with a $4.6 billion write-down in 2018.

In 2019, it divested blogging platform Tumblr for an undisclosed sum and last year sold news website HuffPost to BuzzFeed. Verizon also tested the market for potential buyers of Yahoo Finance, according to Reuters reporting, but had ultimately ended that search.

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