AOL, Yahoo Offloaded by Verizon for $5 Billion
Verizon (NYSE: VZ) announced Monday that it will sell Verizon Media to Apollo Global Management for $5 billion. This includes AOL and Yahoo!, two properties that Verizon once hoped would be the cornerstone of a media empire.
Under terms of the deal, Verizon will receive $4.25 billion and maintain a 10% stake in the company, now known as Yahoo!. Verizon Media CEO Guru Gowrappan will continue to lead Yahoo!.
Verizon paid $4.4 billion for AOL in 2015, and in 2017 bought Yahoo! for $4.8 billion. However, Verizon soon came to regret the move as its media company, formerly known as Oath, failed to gain traction. By 2019, it had sold Tumblr to Wordpress.com parent Automattic. Last year, BuzzFeed bought the assets of HuffPost.
Source Fool.com
