Verizon sells AOL and Yahoo for $ 5 billion

Verizon companies, AOL and Yahoo to $ 5 billion to the company «Apollo Global Management» Gives . That's a lot less than the $ 9 billion Verizon paid for them.

Verizon sells AOL and Yahoo for $ 5 billion

The two companies will operate under a company called Yahoo and managed by Guru Gorapan, with Verizon holding a 10% stake. This agreement covers Verizon Technology Advertising Business. Once this contract is completed, Verizon will no longer have a problem producing content and advertising.

Apollo is an investment firm that owns the Venetian Resort in Las Vegas and the Michaels Retail. One of Apollo's partners, Reid Riemann, said the company respects Yahoo's actions over the past few years:

"We are excited to bring Yahoo and its brands to their true potential. We have a lot of respect for them and we admire the unique work and progress that the whole organization has made in recent years. "We are looking to work with Garou and his talented team, as well as our partners in Verizon, to accelerate Yahoo!"

Verizon acquired AOL for $ 4.4 billion in 2015 and spent $ 4.5 billion to buy Yahoo two years later. These companies own many subsidiaries and media outlets such as TekCrunch and Engjet.

In 2019, Verizon sold the Tumblr platform for an undisclosed fee, which is said to have been less than $ 3 million, well below the $ 1.1 billion that Yahoo paid for in 2013.

In recent years, people used AOL to connect to the Internet, and Yahoo used a large number of users. AOL had a market capitalization of more than $ 200 billion at its peak, and Yahoo's market capitalization reached $ 125 billion


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