Verizon has announced\u00a0its intention to sell faded internet stars Yahoo and AOL to a private equity firm for $5 billion, ending the media ambitions of the telecoms giant.
\nThe deal with Apollo Global Management also includes the entire Verizon Media unit, including the advertising tech operations of the two brands.
\nVerizon will retain a 10 per cent stake in the company, which will continue to be led by chief executive Guru Gowrappan, the company said in a statement on Monday.
\nVerizon 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.
\n\u201cWe are thrilled to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands,\u201d said Reed Ray-man, private equity partner at Apollo.
\n\u201cWe have enormous respect and admiration for the great work and pro-gress that the entire organisation 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\u2019s growth in its next chapter,\u201d he added.<\/p>\n
Apollo\u2019s David Sambur added, \u201cWe are big believers in the growth prospects of Yahoo and the macro tailwinds driving growth in digital media, advertising technology and consumer internet platforms.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Verizon has announced\u00a0its intention to sell 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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67],"tags":[],"class_list":["post-262169","post","type-post","status-publish","format-standard","hentry","category-icttelecom"],"_links":{"self":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/262169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=262169"}],"version-history":[{"count":0,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/262169\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=262169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=262169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=262169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}