Verizon To Sell Yahoo, AOL For $5 Bn To Private Equity Firm
Muhammad Irfan Published May 03, 2021 | 06:32 PM
Verizon announced Monday it was selling faded internet stars Yahoo and AOL to a private equity firm for $5 billion, ending the media ambitions of the telecoms giant
Washington, (APP - UrduPoint / Pakistan Point News - 3rd May, 2021 ) :Verizon announced Monday it was selling faded internet stars Yahoo and AOL to a private equity firm for $5 billion, ending the media ambitions of the telecoms giant.
The deal with Apollo Global Management also includes the entire Verizon Media unit, including the advertising tech operations of the two brands.
Verizon will retain a 10 percent stake in the company, which will continue to be led by chief executive Guru Gowrappan, the company said in a statement.
Verizon acquired Yahoo in 2017 for some $4.5 billion, ending the run for one of the storied brands of the early internet. It merged Yahoo into its division with AOL, another star of the early internet era, which Verizon acquired in 2015.
Both AOL and Yahoo lost traction -- and lofty market valuations -- as internet users shifted to newer platforms such as Google and Facebook.
"We are thrilled to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands," said Reed Rayman, private equity partner at Apollo.
"We have enormous respect and admiration for the great work and progress that the entire organization has made over the last several years, and we look forward to working with Guru, his talented team, and our partners at Verizon to accelerate Yahoo's growth in its next chapter."Apollo's David Sambur added, "We are big believers in the growth prospects of Yahoo and the macro tailwinds driving growth in digital media, advertising technology and consumer internet platforms."
Related Topics
Recent Stories
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
Putin says plans to visit China in May
More Stories From World
-
Bagnaia and Spanish rivals chase victory at Jerez
17 minutes ago -
Russian, Ukrainian strikes kill at least 10 in frontline regions
26 minutes ago -
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
40 minutes ago -
Tourism must change, mayor says as Venice launches entry fee
40 minutes ago -
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leave after 20 years of ..
1 hour ago -
Putin says plans to visit China in May
1 hour ago
-
US reinstates open internet rules rescinded under Trump
1 hour ago -
Honda announces US$11 bn EV battery and vehicle plant in Canada
2 hours ago -
Portugal marks 50 years of democracy with far right on the rise
2 hours ago -
Oman, UAE deluge 'most likely' linked to climate change: scientists
2 hours ago -
BHP launches $38.8 billion takeover bid for rival Anglo American
3 hours ago -
Saudi oil giant Aramco agrees major FIFA sponsorship deal
3 hours ago