Verizon sold its AOL and Yahoo properties to Apollo Global Management in a deal reportedly worth $ 5 billion, about half of the nearly $ 9 billion Verizon originally paid for the two properties. Verizon retains a 10 percent stake in the company, now known as Yahoo, and is led by CEO Guru Gowrappan. The deal, which has been widely rumored over the past week and which is still subject to closing conditions, ends Verizon’s difficult experiment with media production and advertising.
Apollo is a private equity firm that owns the Venetian resort in Las Vegas and craft retailer Michaels. Apollo co-founder Leon Black recently stepped down as chairman shortly after it was announced that he was paid more than $ 150 million to Jeffrey Epstein. Yes, Which Jeffrey Epstein.
“We are excited to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands,” said Apollo partner Reed Rayman. “We have tremendous respect and admiration for the great work and progress that the entire organization has made over the years, and we look forward to working with Guru, its talented team, and our partners at Verizon to drive Yahoo’s growth. in the following years. chapter. “
Verizon originally paid $ 4.4 billion for AOL in 2015 and another $ 4.5 billion for Yahoo two years later. The media groups, which contain properties such as Yahoo Sports, TechCrunch and Engadget, were consolidated under the absurd name of Oath, later renamed Verizon Media Group in 2018 after Verizon admitted defeat and written off about half its value.
In 2019, Verizon sold Tumblr for an undisclosed amount believed to be less than $ 3 million, tokens compared to the $ 1.1 billion Yahoo paid for the blogging platform in 2013. Last year, Verizon fixed it. Huffpost to Buzzfeed, a property for which AOL paid $ 315 million in 2011, resulting in a charge of $ 119 million to its quarterly profit “primarily related to the sale of the HuffPost company.”