New York (CNN Business) Verizon is exiting the media business, announcing Monday that it's selling the unit for $5 billion to private equity firm Apollo Global Management. The sale includes AOL and Yahoo , which Verizon bought for a combined $9 billion in recent years. Verizon will retain a 10% stake in the spin off and the Verizon Media Group name will be changed to just Yahoo. Verizon Media CEO Guru Gowrappan appears at a 2019 event. "With Apollo's sector expertise and strategic insight, Yahoo will be well positioned to capitalize on market opportunities, media and transaction experience and continue to grow our full stack digital advertising platform," said Verizon Media CEO Guru Gowrappan in the release.

Source: CNN May 03, 2021 13:01 UTC