Investment management company acquired the entire media group of the company.
American operator Verizon announced on Monday (3) that it will sell its media group, which includes brands like Yahoo and AOL, to investment management firm Apollo Global Management.
The deal was valued at $ 5 billion. Verizon will receive $ 4.25 billion in cash and will hold a 10% stake.
The value is almost half
than the operator disbursed to acquire the brands that were protagonists in the beginning of the expansion of the internet.
Verizon bought AOL for $ 4.4 million in 2015. Two years later, Yahoo was bought for $ 4.5 billion.
Among other media brands that Verizon maintained are technology sites TechCrunch and Engadget – all included in the transaction.
The operator had been moving in the media market for the past few months. The company sold the HuffPost site to BuzzFeed last year, in addition to discontinuing Tumblr and Yahoo Answers recently.
The sale includes the digital advertising technology business, which competes with giants like Google and Facebook.
Verizon’s media division generated $ 2.3 billion in revenue in the last quarter of 2020, an increase of 11.4% over the same period last year.
It was the first quarter that the group has managed to register growth year after year since the acquisition of Yahoo.