Verizon is ending its bid to be a content provider, announcing a deal to sell Verizon Media — which compasses the AOL and Yahoo businesses it acquired several years ago — in a $5 billion deal.
The telco announced a deal with private-equity firm Apollo Global Management to sell Verizon Media. 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 new ownership, the new company will be known as “Yahoo.”
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“We are excited to be joining forces with Apollo,” Gowrappan said in a statement. “With Apollo’s sector expertise and strategic insight, Yahoo will be well positioned to capitalize on market opportunities, media and transaction experience and continue to grow our full stack digital advertising platform. This transition will help to accelerate our growth for the long- term success of the company.”
More to come.
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