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.
Verizon has announced that it will sell its media group to Apollo Global Management for $5 billion. This will include digital media properties that were originally under AOL and Yahoo. Post the deal, Verizon will keep a 10 per cent stake in the company, which will be rebranded to just Yahoo. Verizon had acquired AOL for $4.4 billion in 2015. It announced its plans to buy Yahoo for $4.83 billion in cash right next year, a deal that was ultimately completed in 2017. Since then, the company had been running Yahoo and AOL as an online media division called Oath under former AOL CEO Tim Armstrong.
