Verizon Nears Deal To Sell Media Assets To Apollo : Reports

Verizon Communications Inc. (VZ) is nearing a deal to sell its digital media assets, which includes Yahoo and AOL, to the private equity firm Apollo Global Management, as part of the telecom giant's plan to exit from its investments in digital media, according to the reports citing people familiar with the matter.

The reports said the deal could be worth $4 billion and $5 billion. But the reports cautioned that the talks could still fall apart.

Verizon had purchased AOL in 2015 and Yahoo in 2017 for a sum of more than $9 billion as it wanted to make its mark in the ever-growing market of online media. Also, the fact that many people had their accounts in these two websites also attracted the Verizon investment.

In 2020, Verizon's digital media segment, including Yahoo Finance, Yahoo Mail and news sites like TechCrunch, Engadget, brought in revenues of $7 billion, down 5.6 percent from last year. This was mainly due to a sharp fall in advertising revenues in the first half of the year due to the COVID-19 pandemic.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
American Airlines canceled hundreds of flights this weekend and plans to cut more through at least mid-July due to bad weather and staffing shortages, multiple reports said. The shortage of flights come as demand is increasing heavily in the United States with reducing coronavirus cases benefited mainly by increased vaccination. Chinese HR firm 51job, Inc. (JOBS) announced Monday that it has entered into a definitive Agreement and Plan of Merger with Garnet Faith Limited, pursuant to which, and subject to the terms and conditions thereof, Garnet Faith will merge with and into 51job, with 51job being the surviving company, in... Priceline, affiliated to Booking Holdings Inc., is launching Fourth of July Freedom sale with bigger savings on flights, hotels and rental cars for the upcoming summer travel season. The company, which offers exclusive discounts on hotels, flights, alternative accommodations, rental cars, cruises and packages, said the two-week Freedom Sale will feature special discounts and promotions.
Follow RTT