- Verizon has sold its Verizon Media business.
- The deal is valued at around $ 5 billion, but Verizon will continue to hold a 10% stake.
Verizon announced that it has sold approximately $ 5 billion worth of its Verizon Media business.
The company sold the business to Apollo Global Management. The duo confirmed that Verizon Media is now called Yahoo as a result of the transaction.
As part of the deal, Verizon will receive $ 4.25 billion in cash and $ 750 million in preferential interest. However, Verizon will continue to own a 10% stake in Verizon Media. The deal is expected to close in the second half of 2021.
Verizon Media is made up of Yahoo, AOL, and various ad tech and media companies (including Engadget and TechCrunch). Verizon acquired AOL for $ 4.4 billion in 2015, while Yahoo was acquired for $ 4.4 billion in 2017.
The news is the latest sign of Verizon getting out of the media business after selling Tumblr in 2019 and announcing the closure of Yahoo Answers.