Verizon To Sell Media Division, Including Yahoo!

Forum Moderators: open

Message Too Old, No Replies

Verizon To Sell Media Division, Including Yahoo!

engine

9:40 am on May 3, 2021 (gmt 0)

According to a report on Bloomberg, Verizon may announce the sale its media division, which includes AOL and Yahoo!.

Verizon Communications Inc. is nearing an agreement to sell its media division to Apollo Global Management Inc., according to people with knowledge of the matter, a move that would jettison once-dominant online brands like AOL and Yahoo!.

[bloomberg.com...]

lammert

11:49 am on May 3, 2021 (gmt 0)

Once the pillars of the Internet, soon to be in the same ranks as MySpace.
If they get the price which is now floating around, Verizon lost nearly 50% of the value, or about $4 billion on these two assets since 2017.

engine

12:05 pm on May 3, 2021 (gmt 0)

I'm not surprised they've lost so much value: I don't believe they knew what they were doing.

rustybrick

12:58 pm on May 3, 2021 (gmt 0)

And done for $5 billion [cnbc.com...]

engine

1:47 pm on May 3, 2021 (gmt 0)

Verizon will get $4.25 billion in cash, and will retain a 10% stake in the business, with the transaction closing late 2021.

The sale will see online media brands under the former Yahoo and AOL umbrellas like TechCrunch, Yahoo Finance and Engadget go to Apollo at much lower valuations than they commanded just a few years ago. Verizon bought AOL for $4.4 billion in 2015 and Yahoo two years later for $4.5 billion.

[cnbc.com...]