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Tech & Science Verizon share predominantly friendly: Verizon sells Yahoo and AOL at Apollo

17:20  03 may  2021
17:20  03 may  2021 Source:   finanzen.net

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The telecom group Verizon Communications Inc sells the largest part of its Internet media business, which also includes Yahoo and AOL, to the investment company APOLLO Global Management Inc.

KAZUHIRO NOGI/AFP/GettyImages © Provided by Finanzen.net Kazuhiro NOGI / AFP / GettyImages

The transaction closes the chapter of an expensive bet on digital media largely off. Verizon announced on Monday that the fund managed by the Private Equity Company will acquire the company's Verizon Media-asserta in a business with a value of $ 5 billion.

The Wall Street Journal had reported last week that Verizon reviews a sale and that Apollo is globally involved in this process. Apollo will pay $ 4.25 billion in cash for the unity and provide Verizon $ 750 million in the form of preference shares.

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In addition, Verizon will retain a 10 percent share of the company, which is called after completing the transaction Yahoo.

"The partnership of the company will enable Verizon Media to pursue growth areas aggressively and will benefit its employees, advertisers, publishing partners and nearly 900 million monthly active users worldwide," says Verizon and Apollo in a statement.

Verizon had acquired AOL in 2015 and Yahoo in 2017 for a total of more than $ 9 billion and wanted to revive brands that had lost ground over the years, but still had hundreds of millions of users.

In 2017, the mobile service provider reorganized the business units under the former AOL boss Tim Armstrong as "Oath" division, with the aim in competing to compete for digital advertising with large corporations like Google and Facebook .

Verizon had written around $ 4.5 billion on the digital media business in 2018. The company stroked in the unit and tried to find buyers for other parts of the unit. So the company approved in November to sell the news page Huffpost to Buzzfeed.

In predatory trading at the NYSE, the Verizon share temporarily recorded 0.4 percent in the plus at $ 58.02.

DJG / DJN / JHE / SHA New York (Dow Jones)

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usr: 0
This is interesting!