May 04 - 11:05
Verizon sells Yahoo, AOL for $5bn to private equity firm Apollo
Verizon Communications Inc has decided to offload its media businesses, including iconic brands such as Yahoo and AOL. The brands have been bought by private equity firm Apollo Global for $5 billion. With this transaction, Verizon's venture into the media and advertising space comes to an end. Verizon's new CEO, Hans Vestberg, wants to focus on growing the telecom side of the business instead.
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