AOL and Yahoo, two of the internet’s iconic brands, are being sold once again.
Verizon is taking a $4 billion dollar loss, by selling the pair for $5 billion to private equity firm, Apollo Global Management.
In a press release, Verizon said the sale allows the company to “aggressively pursue growth areas and stands to benefit its employees, advertisers, publishing partners and nearly 900 million monthly active users worldwide.”
Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan.
Under the terms of the agreement, Verizon will receive $4.25 billion in cash, preferred interests of $750 million and retain a 10% stake in Verizon Media.
The transaction includes the assets of Verizon Media, including its brands and businesses. The transaction is subject to satisfaction of certain closing conditions and expected to close in the second half of 2021.
For the full press release, click here.
