Verizon on Monday unveiled a deal to sell its media group, known as Verizon Media, to private-equity firm Apollo Global Management for $5 billion. Verizon Media includes brands Yahoo and AOL, as well as ad tech and media platform businesses.
Verizon will retain a 10% stake in company, which will be called Yahoo and be led by Verizon Media CEO Guru Gowrappan.
"With Apollo's sector expertise and strategic insight, Yahoo will be well positioned to capitalize on market opportunities, media and transaction experience and continue to grow our full stack digital advertising platform," said Gowrappan in a press release. "This transition will help to accelerate our growth for the long- term success of the company."
The deal is expected to close in the second half of 2021.
More to come.
Copyright of this story solely belongs to cnet . To see the full text click HERE