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Verizon will sell Yahoo and AOL for $ 5 billion

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Verizon Communications today said it has agreed to sell its media division, which includes Yahoo and AOL, to Apollo Global Management for $ 5 billion.

Verizon is known to have completed its 2017 takeover of Yahoo, merging the newly acquired AOL email business, which it bought in 2015 for $ 4.4 billion, into a subsidiary called Oath. This venture owns over 50 well-known brands to over a billion consumers worldwide: HuffPost, Yahoo Sports, AOL.com, MAKERS, Tumblr, BUILD Studios, Yahoo Finance, Yahoo Mail, and more.

However, Verizon was late to carve up the online advertising market. It has been taken over by bigger players like Facebook and Google. Attempts to develop a media division have proved futile. In 2018, Verizon had to write off $ 4.6 billion on it.

The buyer will pay Verizon $ 4.25 billion and transfer $ 750 million in preferred shares. The company will retain a 10% stake in Verizon Media. Recall that at one time the purchase of Yahoo alone cost Verizon $ 4.83 billion. In the first quarter of 2021, Verizon Media reported revenue of $ 1.9 billion.

The completion of the transaction is expected in the second half of 2021. After the sale, the business will be called Yahoo.

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