Verizon to Sell Yahoo, AOL Business to Apollo for $5 Billion

As per the deal terms, Verizon will get $4.25 billion (roughly Rs. 31,390 crores) in cash, preferred interests of $750 million (roughly Rs. 5,540 crores), and retain a 10 percent stake in Verizon Media.

By Reuters | Updated: 3 May 2021 18:24 IST

Verizon to Sell Yahoo, AOL Business to Apollo for $5 Billion

Verizon Media's portfolio includes online brands such as TechCrunch, Makers, Ryot and Flurry

Highlights

The business will be called Yahoo when the deal closes
Verizon Media's portfolio includes brands such as TechCrunch, Makers
Verizon has struggled to grow its media business

Verizon Communications said on Monday it has agreed to sell its media unit, that includes Yahoo and AOL, to Apollo Global Management Inc for $5 billion (roughly Rs. 36,930 crores), as it looks to offload its digital media business.

Verizon has struggled to grow its media business, declaring them nearly worthless with a $4.6 billion (roughly Rs. 33,970 crores) write-down in 2018. Bigger players such as Facebook and Google have sweeped the digital advertising market.

Verizon will get $4.25 billion (roughly Rs. 31,390 crores) in cash, preferred interests of $750 million (roughly Rs. 5,540 crores) and retain a 10 percent stake in Verizon Media, as part of the deal terms.

Samsung Wins Patent for a Tri-Fold Smartphone With Specialised Barrier Layer for Improved Durability

The business will be called Yahoo when the deal closes, which is expected in the second half of 2021, the company said.

Verizon Media's portfolio includes online brands such as TechCrunch, Makers, Ryot, and Flurry, according to its website.

In 2017, Verizon bought Yahoo's Internet properties for about $4.48 billion (roughly Rs. 33,090 crores), betting its 1 billion-plus users would be a fertile audience for online ads. It acquired email service AOL for $4.4 billion (roughly Rs. 32,500 crores) in 2015.

Verizon Signs Up Microsoft, Nokia to Help Clients Build Private 5G Networks

© Thomson Reuters 2021

Is Mi 11X the best phone under Rs. 35,000? We discussed this on Orbital, the Gadgets 360 podcast. Later (starting at 23:50), we jump over to the Marvel series The Falcon and the Winter Soldier. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.