Verizon announced Monday it was selling faded internet stars Yahoo and AOL to a private equity firm for $5 billion, ending the online media ambitions of the telecoms giant.
The deal with Apollo Global Management also includes the entire Verizon Media unit, including the advertising tech operations of the two brands.
Verizon will retain a 10 percent stake in the company, which will be known as Yahoo going forward and will continue to be led by chief executive Guru Gowrappan, the company said in a statement.
Verizon acquired Yahoo in 2017 for some $4.5 billion, ending the run for one of the storied brands of the early internet. It merged Yahoo into its division with AOL, another star of the early internet era, which Verizon ...
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