Reportedly, Verizon Communications, Inc. (VZ) to sell its media unit, which includes Yahoo and AOL, to Apollo Global Management Inc for $5 billion, in a move to offload its digital media business.
Verizon declared the unit nearly worthless with a $4.6 billion write-down in 2018, as major market giants like Facebook and Google occupy the digital advertising market. As per the terms of the deal, Verizon to get $4.25 billion in cash, with preferred interests of $750 million, and a 10% stake in Verizon Media. The deal is expected to close in the second half of 2021 and the business will be called Yahoo after the deal closes.
In 2017, Verizon bought Yahoo’s internet properties for about $4.48 billion and acquired the email service AOL for $4.4 billion in 2015.
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