Verizon Sells Media Assets Led By Yahoo To Apollo Global Management For $5 Billion

Verizon 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 asVerizon Media brands are led by Yahoo andThe 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.”Reed 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.”

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 expected to close in the second half of 2021.

Hey - looks like someone sold their burning pile of cash! TVGrimReaper

$5 Billionzzz‼️🙃

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