WASHINGTON: 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.
Verizon will retain a 10% stake in the company, which will continue to be led by Chief Executive Guru Gowrappan, the company said in a statement. “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.
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