Purchased by the owner of the Venetian casino in Las Vegas
Verizon has sold its AOL and Yahoo properties to Apollo Global Management in a deal said to be worth $5 billion, about half of the nearly $9 billion Verizon originally paid for the pair. Verizon will maintain a 10 percent stake in the company, now known as Yahoo and led by CEO Guru Gowrappan. The deal, which includes Verizon’s ad tech business, was heavily rumored over the last week and is still subject to closing conditions. Once complete, it’ll bring an end to Verizon’s troubled experiment with media production and advertising.
Apollo is a private equity firm that owns the Venetian resort in Las Vegas and crafts retailer Michaels.
“We are thrilled to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands,” said Apollo partner Reed Rayman. “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.”
Verizon originally paid $4.4 billion for AOL in 2015 and another $4.5 billion for Yahoo two years later.
Source: The Verge
