Internet pioneer Yahoo and AOL were the most popular firms among others on the web during their prime in the mid-1990s. But as we all know that nothing lasts forever, especially in the world of technology.
Now, both internet trailblazers Yahoo and AOL are changing hands yet again.
Verizon is selling its Verizon Media branch to “funds managed by associates of Apollo Global Managemnet, Inc.” in an agreement worth $5 billion. Yahoo, AOL, ad tech of Verizon, and media platforms businesses are included in the Verizon Media arm.
In 2015, Verizon purchased AOL for $4.4 billion ahead of spending $4.48 billion to shovel Yahoo next year. Then, it introduced two businesses in a single division called Oath that not got adhesive friction. Later, the name was changed to Verizon Media Group.
The global investment management firm Apollo owns various renowned companies and projects such as The Venetian in Las Vegas and the craft store chain Michaels.
According to Apollo’s private equity partner, Reed Rayman:
“We are excited to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands”.
About $750 million in preferred interests and $4.25 billion in cash will be given to Verizon as per the agreement. Also, it will own a stake of about 10 percent in Verizon Media. Assuming the managerial closing conditions set off without any hindrance, the agreement is supposed to end in the latter part of 2021.