YahooVerizon said Monday it’s clinched a deal to sell its media assets to Apollo Global Management and related entities for $5 billion. Verizon will retain a 10% stake in the company, which will be known asat close of the transaction and continue to be led by CEO Guru Gowrappan.
Verizon Media brands are led by Yahoo andAOL.The telco said the corporate carveout will allow Verizon Media to “aggressively pursue growth areas and stands to benefit its employees, advertisers, publishing partners and nearly 900 million monthly active users worldwide.”
Gowrappan, CEO, Verizon Media. said with Apollo’s help, “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.” headtopics.com
Related StoryVerizon Exploring Sale Of Its Media Assets Led By Yahoo, AOL - ReportReed Rayman, Private Equity Partner at Apollo. Called the Verizon Media assets “an unparalleled collection of brands.”David Sambur, Senior Partner and Co-Head of Private Equity at Apollo noted that the giant firm “has a long track record of investing in technology and media companies and we look forward to drawing on that experience to help Yahoo continue to thrive.”
Hans Vestberg, CEO, Verizon, acknowledged that the “the next iteration” of Verizon Media “requires full investment and the right resources. During the strategic review process, Apollo delivered the strongest vision and strategy for the next phase of Verizon Media. I have full confidence that Yahoo will take off in its new home.”Read more: Deadline Hollywood »
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Verizon Selling AOL, Yahoo To Apollo Global ManagementThe media company is selling two of its media properties for $5 billion. So all you AOL and Yahoo email account holders should preserve all important communications before they disappear. Then open accounts with other providers. Now. They need cash. Verizon’s balance sheet isn’t the fortress it once was. Paying down debt will limit strategic flexibility and shareholder returns. Sounds like it’s a good new start for Yahoo AOL
Verizon to sell media business, including Yahoo, AOL to Apollo for $5 billion Verizo n has struggled to grow its media business, declaring them nearly worthless with a $4.6 billion write-down in 2018. Bigger players such as Facebook and Google have sweeped the digital advertising market. Verizo n will get $4.25 billion in cash, preferred interests of $750 million and retain a 10% stake in Verizo n Media, as part of the deal terms. Jesus, that is the ultimate kiss of death. 😂 'The business will be called Yahoo when the deal closes'
Verizon Selling Yahoo, AOL and Media Assets for $5B to Private Equity Firm Apollo Verizo n will retain a 10 percent stake in the company, which will be called Yahoo . did they ask for cash? Verizon spent almost $9bn over the last 6 years buying both, AOL $4.4bn in 2015, and Yahoo $4.5bn in 2017, a sad end for what were the two biggest internet companies 20+ years ago, in the late 90s AOL was worth $200bn+ (tried to buy Facebook and YouTube) and Yahoo $125bn+ in 2000
Verizon sells Yahoo and AOL businesses to Apollo for $5 billionThe sale signals that Verizo n will focus on its internet-provider businesses as rivals continue to explore media. CRYPTO is the future $Theresasubgraphforthat $GRT GRT Why was Trump banned? Crypto is the FUTURE $Theresasubgraphforthat $GRT GRT
Capital Calls: Apollo treads where Verizon flubbed Verizo n has found a willing buyer for Yahoo and AOL , snagging $5 billion and ending an ill-fated foray into the media business, writes jennifersaba on Capital Calls.