Verizon Sells Yahoo and AOL to Investor Apollo
The American telecom group Verizon sells the once large internet companies Yahoo and America Online (AOL) to investor Apollo Global Management.
It pays 5 billion dollars for the media branch of Verizon, which, in addition to the two brands, also contains the website TechCrunch, for example. Verizon does hold a 10 percent stake.
The sale ends an unsuccessful Verizon Internet adventure. The company bought up influential media brands and internet companies. For example, in 2014, it paid $ 4.4 billion for AOL, and three years later, it bought Yahoo’s Internet business for $ 4.5 billion.
A year later, the company already wrote off $ 4 billion on its media division. It has since divested parts as well. For example, the blog website Tumblr changed owner in 2019 and the news website Huffington Post was sold last year.
Verizon is investing the money from the acquisition, including the expansion of its 5G network. The media branch will be called Yahoo after the sale.