Mobile carrier and telecommunications giant Verizon has sold Yahoo and AOL to Apollo Funds in a deal worth $5 billion.
Verizon will maintain a 10% stake in the company as part of the deal, with Yahoo being the name of the full name of the company as part of the deal. The deal will include various Yahoo companies like TechCrunch and Engadget which will reportedly be pursing “aggressive growth”.
Verizon CEO Hans Vestberg told reporters that Verizon Media “has done an incredible job turning the business around over the past two years” and says that the growth potential for Yahoo is “enormous”.
The deal is expected close in the latter half of 2021. Yahoo was acquired by Verizon in 2017 for $4.8 billion, a price reduction that followed massive data breaches in Yahoo’s network in 2013 and 2014. Verizon picked up AOL for $4.4 billion in 2015.
This marks yet another sale of a media property for Verizon, who sold HuffPost to BuzzFeed in 2020, selling off or shutting down media organizations like Tumblr and Yahoo Answers. Business experts and investors have noticed a trend as Verizon appears to be getting out of the media business.