Verizon has announced its readiness of selling faded internet stars Yahoo and AOL to a private equity firm for $5 billion, ending the media ambitions of the telecoms giant.
Meanwhile, Verizon is set to retain a 10 percent stake in the company, which will continue to be led by the Chief Executive, Guru Gowrappan, the company said in a statement.
Verizon acquired Yahoo in 2017 for some $4.5 billion, ending the run for one of the storied brands of the early internet. It merged Yahoo into its division with AOL, another star of the early internet era, which Verizon acquired in 2015.
Speaking on the recent development, the private equity partner at Apollo, Reed Rayman, said they are thrilled to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands.
“We have enormous respect and admiration for the great work and progress that the entire organization has made over the last several years, and we look forward to working with Guru, his talented team, and our partners at Verizon to accelerate Yahoo’s growth in its next chapter.”
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