Verizon Is Selling Yahoo and AOL for $5 Billion USD To Private Equity Firm

Offloading the internet pioneers to Apollo Global Management.

Tech 
2,719 Hypes 4 Comments

Verizon is officially selling Yahoo and AOL to private equity firm Apollo Global Management for $5 billion USD — nearly half of the $9 billion USD it originally shelled out to acquire the pair.

Verizon is set to maintain a 10 percent stake in the company. Apollo, which also owns the Venetian resort in Las Vegas as well as arts and crafts retailer Michaels, is evidently expanding its portfolio with this purchase.

Apollo partner Reed Rayman stated, “We are thrilled to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands. We have enormous respect and admiration for the great work and progress that the entire organization has made over the last several years, and we look forward to working with Guru, his talented team, and our partners at Verizon to accelerate Yahoo’s growth in its next chapter.”

Verizon originally paid $4.4 billion USD for AOL in 2015 and another $4.5 billion USD for Yahoo in 2017. In 2019, Verizon also sold Tumblr for an undisclosed sum. Tumblr was bought for less than $3 million USD — pennies in comparison o the $1.1 billion USD it bought the blogging platform for. At their peaks, Yahoo was valued at more than $125 billion USD and AOL at more than $200 billion USD.

Yahoo and AOL were what some would call the original internet pioneers. Over the years, however, Silicon Valley has raced ahead to create new digital platforms including Google, which has evidently replaced Yahoo, while AOL has since been supplanted by cable giants.

In other tech news, according to analysts, Apple might begin working on a foldable iPhone.

Read Full Article

What to Read Next

Tesla to Sell $5 Billion USD in Shares Following Record High Equity
Automotive 

Tesla to Sell $5 Billion USD in Shares Following Record High Equity

The carmaker’s second such sale in less than three months.

Roger Federer-Backed On is Planning for a $5 Billion USD IPO
Footwear 

Roger Federer-Backed On is Planning for a $5 Billion USD IPO

Preparing to list in the U.S. this autumn.

Nissan Is Selling Its Daimler Stake for $1.4 Billion USD
Automotive 

Nissan Is Selling Its Daimler Stake for $1.4 Billion USD

Selling its entire 1.54% stake in the German auto company.


'Red Dead Redemption 2' Is Releasing a Standalone Online Version for $5 USD
Gaming

'Red Dead Redemption 2' Is Releasing a Standalone Online Version for $5 USD

The 75% discount offer lasts until February 15.

DJ Khaled, Lil Wayne and Jeremih Remain "THANKFUL" in New Music Video
Music

DJ Khaled, Lil Wayne and Jeremih Remain "THANKFUL" in New Music Video

The trio sends a message of gratefulness to their younger selves and their present listeners.

Jacob & Co.'s Newest Bugatti Chiron Tourbillon Is Covered in Invisible Set Diamonds
Watches

Jacob & Co.'s Newest Bugatti Chiron Tourbillon Is Covered in Invisible Set Diamonds

Featuring 190 white diamonds, 109 black sapphires, and 42 orange sapphires.

Nike's Air Max 90 Receives a Fresh Patriotic Colorway
Footwear

Nike's Air Max 90 Receives a Fresh Patriotic Colorway

Getting ready to celebrate the Fourth of July.


PlayStation to Partner With Discord Following Series H Minority Investment
Gaming

PlayStation to Partner With Discord Following Series H Minority Investment

Hoping to launch new features by early next year.

Facebook To Roll Out #StopAsianHate Notifications For AAPI Heritage Month
Tech

Facebook To Roll Out #StopAsianHate Notifications For AAPI Heritage Month

Undertaking initiatives to combat Asian hate crimes.

Kevin Feige Reveals Doctor Strange Was Set to Appear in 'WandaVision'
Entertainment

Kevin Feige Reveals Doctor Strange Was Set to Appear in 'WandaVision'

His removal from the show also meant revising the story of ‘Doctor Strange in the Multiverse of Madness.’

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.