Apollo Global Management Inc. agreed to pay about $5 billion to acquire Yahoo and AOL from Verizon Communications Inc. as the wireless company exits its ill-fated foray into the media business. Verizon Media, which mostly struggled to grow against Alphabet Inc.’s Google and Facebook Inc., generated $7 billion in revenue last year. Verizon collected some of the web’s best-known brands starting in 2015 with its purchase of AOL, followed by its 2017 acquisition of Yahoo. Verizon has been shrinking the media unit, cutting jobs and selling off its Tumblr blogging platform and HuffPost news operation. Guru Gowrappan, the current head of Verizon Media and a former Yahoo executive, will continue to run the business after the deal.

Source: Mint May 03, 2021 15:45 UTC