Yahoo, AOL to be acquired by Apollo Funds for $5 billion
NEW YORK May 4, 2021 - Verizon media will be acquired by affiliates of Apollo the “Apollo Funds” for $5 billion. Verizon Media is comprised of iconic brands such as Yahoo and AOL, as well as leading ad tech and media platform businesses.
Verizon will retain a 10% stake in the company, which will be known as Yahoo at the close of the transaction and continue to be led by CEO Guru Gowrappan.
The corporate carveout will allow Verizon Media to aggressively pursue growth areas and stands to benefit its employees, advertisers, publishing partners and nearly 900 million monthly active users worldwide.
“We are excited to be joining forces with Apollo,” said Guru Gowrappan, CEO, Verizon Media. “The past two-quarters of double-digit growth have demonstrated our ability to transform our med...