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Verizon offloads Yahoo and AOL in $5 billion deal

May 3, 2021. Summarized by summa-bot.

Compression ratio: 43.4%. 1 min read.

NEW YORK, NEW YORK - APRIL 30: CEO at Verizon Media K. Guru Gowrappan appears at the 2019 Verizon Media NewFront on April 30, 2019 in New York City. (Photo by Noam Galai/Getty Images for Verizon Media)

Verizon is exiting the media business, announcing Monday that it's selling the unit for $5 billion to private equity firm Apollo Global Management.

New York (CNN Business)Verizon is exiting the media business, announcing Monday that it's selling the unit for $5 billion to private equity firm Apollo Global Management.

The sale includes AOL and Yahoo, which Verizon bought for a combined $9 billion in recent years.

Verizon will retain a 10% stake in the spin off and the Verizon Media Group name will be changed to just Yahoo.

"With Apollo's sector expertise and strategic insight, Yahoo will be well positioned to capitalize on market opportunities, media and transaction experience and continue to grow our full stack digital advertising platform," said Verizon Media CEO Guru Gowrappan in the release.

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