- Verizon has sold off its Verizon Media business.
- The deal is worth roughly $5 billion, but Verizon will still maintain a 10% stake.
Verizon has announced that it’s sold off its Verizon Media business in a deal worth roughly $5 billion.
The company sold off the business to Apollo Global Management, with the duo confirming that Verizon Media will now be called Yahoo as a result of the transaction.
The deal will see Verizon getting $4.25 billion in cash, along with $750 million in preferred interests. But Verizon will still maintain a 10% stake in Verizon Media. The deal is expected to close in the second half of 2021.
Verizon Media consists of Yahoo, AOL, and various ad tech and media companies (including Engadget and TechCrunch). Verizon acquired AOL in a deal worth $4.4 billion in 2015, while Yahoo was acquired in a deal eventually worth $4.4 billion in 2017.
The news is the latest sign that Verizon is getting out of the media business, having sold Tumblr in 2019 and announced the shutdown of Yahoo Answers.