Verizon offloads Yahoo and AOL in $5 billion deal
CNN
Verizon is exiting the media business, announcing Monday that it's selling the unit for $5 billion to private equity firm Apollo Global Management.
The sale includes AOL and Yahoo, which Verizon bought for a combined $9 billion in recent years. Verizon will retain a 10% stake in the spin off and the Verizon Media Group name will be changed to just Yahoo. Verizon once had great plans to become a dominant player in the online media and ad business. The telephone company bought AOL for $4.4 billion in 2015 and further bolstered its portfolio with its Yahoo purchase at a similar price in 2017. The unit was briefly named Oath, but Verzion admitted that its plans to take on Google, Alphabet and Facebook was essentially a waste when it took a $4.6 billion writedown on Oath in 2018.
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