WASHINGTON, United States —
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.
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The deal with
Apollo Global Management also includes the
entire Verizon Media unit, including the advertising tech operations of the two
brands.
Verizon will retain a 10 percent stake in the company, which
will continue to be led by chief executive Guru Gowrappan, the company said in
a statement.
Verizon acquired Yahoo in 2017 for some $4.5 billion, ending
the run for one of the storied brands of the early internet. It merged Yahoo
into its division with AOL, another star of the early internet era, which
Verizon acquired in 2015.
Both AOL and Yahoo lost traction — and lofty market
valuations — as internet users shifted to newer platforms such as Google and
Facebook.
“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.
“We have enormous respect and admiration for the great work
and progress that the entire organization has made over the last several years,
and we look forward to working with Guru, his talented team, and our partners
at Verizon to accelerate Yahoo’s growth in its next chapter.”
Apollo’s David Sambur added, “We are big believers in the
growth prospects of Yahoo and the macro tailwinds driving growth in digital
media, advertising technology and consumer internet platforms.”
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