Verizon explores sale of media assets, including parts of Yahoo and AOL

Verizon Communications Inc. is exploring a sale of assets including Yahoo and AOL, as the telecommunications giant looks to exit an expensive and unsuccessful bet on digital media.

The sales process, which includes private-equity firm Apollo Global Management Inc., could lead to a deal worth $4 billion to $5 billion, according to people familiar with the matter—assuming there is one. Other details couldn’t be learned.

Verizon splashed out billions of dollars assembling a portfolio of once-dominant websites, including AOL in 2015, and Yahoo in 2017, paying more than $9 billion in total to acquire the pair.