Tech »  Topic »  Verizon is selling its media business for $5 billion after splurging on AOL and Yahoo

Verizon is selling its media business for $5 billion after splurging on AOL and Yahoo


Verizon Media

Well, this is awkward. Verizon has agreed a deal to sell its "Verizon Media" unit — including Engadget — to the investment firm Apollo Global Management for $5 billion. Verizon will retain a 10-percent stake in the company, which will be named Yahoo.

Verizon Media was the result of several acquisitions the telecoms giant made in an attempt to become a major player in the online advertising market. In 2015, the company bought AOL — which owned Engadget alongside other news sites like HuffPost, TechCrunch and Autoblog — for $4.4 billion and then added Yahoo to the fold in 2017 in a $4.48 billion deal. Following the Yahoo acquisition, Verizon created a new division named "Oath" to house its media and advertising properties. By the end of 2018, Verizon had laid off over 40,000 Oath employees, written off over half of the division's value and killed the name ...


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