Verizon to sell media business, including Yahoo, AOL to Apollo for $5 billion

Verizon Communications Inc said on Monday it has agreed to sell its media unit, that includes Yahoo and AOL, to Apollo Global Management Inc for $5 billion, as it looks to offload its digital media business.

Verizon has struggled to grow its media business, declaring them nearly worthless with a $4.6 billion write-down in 2018. Bigger players such as Facebook and Google have sweeped the digital advertising market.

Verizon will get $4.25 billion in cash, preferred interests of $750 million and retain a 10% stake in Verizon Media, as part of the deal terms.

The business will be called Yahoo when the deal closes, which is expected in the second half of 2021, the company said.